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.

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.