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.

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.

President Donald Trump 's newly appointed Securities and Exchange Commission acting chairman, Mark Uyeda, announced the launch of a cryptocurrency task force to be led by Republican commissioner Hester Peirce.