The relationship between Wall Street’s top cop and the US cryptocurrency The industry is recovering after more than four years of friction.

On Tuesday, the Stock Exchange and Securities Commission announced that it is leading efforts to establish a regulatory framework for digital assets with the creation of a new crypto working group.

The initiative, which will be led by Republican Commissioner Hester Peirce, was the first official action by Acting Speaker Mark Uyeda following his appointment to the position by Mark Uyeda. President Trump on Monday Uyeda, a Republican commissioner, will serve until Paul Atkins, Trump’s permanent pick to lead the agency, is confirmed by the Senate.

FOX Business was first to report in November that the task force was a possibility, with Hester Peirce, affectionately referred to by the industry as “Crypto Mom,” expressing interest in leading such a group.

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SEC Commissioner Mark Uyeda speaks during the 2024 Financial Markets Quality Conference at Georgetown University in Washington, DC on September 17, 2024. (Al Drago/Bloomberg via Getty Images/Getty Images)

As previously reported, the task force will work closely with the commission and draw on input from industry stakeholders such as business leaders, investors, legal experts and academics to better understand how the 3 industry should be regulated. .5 trillion dollars. It will also coordinate with other federal agencies, including the Commodity Futures Trading Commission.

The SEC, under the leadership of Biden Chairman Gary Gensler, who resigned from the agency on Monday, has filed a deluge of legal actions over the past four years as the commission has sought to enforce the industry through application

Industry participants have long complained that the decentralized nature of cryptocurrencies and the blockchain technology they run on disqualifies them from being regulated like traditional securities, namely stocks and bonds. They have often called the regulators and congress develop a new specific regulatory framework for digital assets.

Gensler, however, believed that traditional securities laws were sufficient to regulate crypto and that most digital assets, other than bitcoin are securities, suing companies that challenged that view by refusing to register with the commission.

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SEC Chairman Gary Gensler attends a meeting of the Financial Stability Oversight Board at the U.S. Treasury on July 28, 2023 in Washington, DC. The board met to provide an update on the Board’s climate-related Financial Risk Committee a (Kevin Dietsch/Getty Images/Getty Images)

President Trump, on the other hand, has promised a lighter regulatory touch that will benefit developing industries such as artificial intelligence and cryptography. Since his election on Nov. 5, he has appointed a handful of industry advocates to key leadership positions at the Treasury, the SEC and the CFTC, naming venture capitalist David Sacks as the first “czar” of crypto and AI.

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Peirce and the Crypto Working Group are already welcoming the public on regulation via email and will be holding roundtables with industry participants in the future.

“This venture will take time, patience and a lot of hard work…” Peirce told press release announcing the initiative. “We look forward to working side by side with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity and supports innovation.”