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 group led by Commissioner Hester Peirce will take input from within and outside the agency to create a clear regulatory framework for crypto assets.

The Trump administration took its first steps Tuesday toward an expected lowering of regulatory barriers for cryptocurrency.

President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.

Industry players worry the success of the president’s meme coin will undermine the credibility they have worked hard to cultivate.

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.

President Trump's newly released memecoin could ultimately help delegitimize the rest of the digital currency ecosystem.