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.

Hedge fund industry lobbyists have sent a wish list to the U.S. Securities and Exchange Commission (SEC) asking for repeals and delays to much of the regulator's hard-hitting agenda on industry transparency.

The move comes as the Securities and Exchange Commission is expected to become more friendly to the cryptocurrency industry under the Trump administration.

The SEC’s new crypto task force will also coordinate with the Commodity Futures Trading Commission (CFTC) – which, under the leadership of former Chair Gensler and former CFTC Chairman Rostin Behnam, has been locked in competition with the SEC over which agency should be the primary regulator of the crypto industry.

President Donald Trump announced that he has designated SEC Commissioner Mark Uyeda as Acting Chair of the Securities and Exchange Commission. (Similarly, Trump elevated sitting EEOC Commissioner Andrea R.

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.

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.

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