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 Trump administration took its first steps Tuesday toward an expected lowering of regulatory barriers for cryptocurrency.

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.