The U.S. Securities and Exchange Commission's new leadership said on Tuesday it had created a task force to develop a regulatory framework for crypto assets, in the first major move by President Donald Trump's new administration to overhaul crypto policy.

The SEC announced an initiative Tuesday to create a regulatory framework for digital assets with a new internal task force led by Republican commissioner Hester Peirce.

The US Securities and Exchange Commission will launch a cryptocurrency-focused task force to come up with ways to regulate the market, in one of the first moves by the agency after the resignation of crypto skeptic Gary Gensler.

"Lawyers have been hoping for clear regulatory lines and it sounds like they may be on the path to getting it,” said David A. Shargel, a partner at Bracewell who frequently litigates against the U.S.

Bitcoin and the wider crypto market held gains sparked by the launch of a Securities and Exchange Commission task force on US digital-asset regulations, part of President Donald Trump’s wider embrace of the sector.

According to a Jan. 21 announcement, the agency is creating a crypto task force dedicated to developing a framework for digital assets. The task force will be led by Commissioner Hester Peirce, dubbed “Crypto Mom” for her pro-crypto stance when it comes to regulation.

The U.S. Securities and Exchange Commission said on Tuesday it was forming a new cryptocurrency task force "dedicated to developing a comprehensive and clear regulatory framework for crypto assets." The task force's focuses "will be to help the Commission draw clear regulatory lines,