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