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.

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.

"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.