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 and the wider crypto market held gains sparked by the launch of a Securities and Exchange Commission task force on US digital-asset regulations, part of President Donald Trump’s wider embrace of the sector.

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.