The acting chair of the Securities and Exchange Commission named Republican Commissioner Hester Peirce as the head of a new cryptocurrency task force, the first step in an expected about-turn by the Wall Street regulator on crypto.

Crypto bros rejoiced Tuesday after President Donald Trump’s revamped Securities and Exchange Commission (SEC) launched a new cryptocurrency task force led by Hester Peirce, known by some in the industry as “crypto mom.”

The U.S. Securities and Exchange Commission said on Tuesday it was forming a new cryptocurrency task force to develop a comprehensive and clear regulatory framework for crypto assets. President Donald Trump,

The SEC rolled out a new crypto task force on Tuesday, aimed at helping "draw clear regulatory lines" in the space, the agency said.

"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'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 price stood at $105,570.49, registering a 24-hour gain of 3.34 percent, as per CoinMarketCap. According to Indian exchanges, BTC price stood at Rs 88.69 lakh. ETH price stood at $3,230.40, marking a 24-hour dip of 1.39 percent at the time of writing. Ethereum price in India stood at Rs 2.86 lakh.

Uyeda will serve as the interim head of Wall Street’s top cop while Trump’s pick for permanent chair, Paul Atkins, waits to be confirmed by the Senate.