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

The SEC’s statement regarding the commission doesn’t really provide much insight into what it will seek to do, other than “provide clarity” on the rules regulating the crypto industry. It will likely achieve that by just stripping back those rules altogether,