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.

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.

"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.

The U.S. Securities and Exchange Commission is launching a crypto task force to clarify the rules of the road for digital assets. In a press release, the agency says pro-crypto Commissioner Hester Peirce will lead the agency-wide effort.

With Donald Trump in the White House, the new-look SEC is taking aim at its past crypto regulation tactics and developing a new path forward.

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,