Crypto bros rejoiced Tuesday after President Donald Trump’s revamped Securities and Exchange Commission (SEC) launched a new cryptocurrency task force led by Hester Peirce, known by some in the industry as “crypto mom.”

The acting chair of the Securities and Exchange Commission named Republican Commissioner Hester Peirce as the head of a new cryptocurrency task force, the first step in an expected about-turn by the Wall Street regulator on crypto.

The administration of President Donald Trump announced the first significant step towards reducing regulatory pressure on the cryptocurrency industry.

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.

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The U.S. Securities and Exchange Commission said on Tuesday it was forming a new cryptocurrency task force to develop a comprehensive and clear regulatory framework for crypto assets. President Donald Trump,

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This undertaking will take time, patience, and much hard work,” Peirce said, adding the agency plans to encourage a regulatory environment that “protects investors, facilitates capital formation, fosters market integrity,

The Securities and Exchange Commission (SEC) is launching “a crypto task force.” In a Tuesday press release, the SEC described the task force as “dedicated to developing a comprehensive and clear

Uyeda will serve as the interim head of Wall Street’s top cop while Trump’s pick for permanent chair, Paul Atkins, waits to be confirmed by the Senate.

Trump is also still expected to issue executive orders that will further promote Bitcoin adoption, Reuters and other media outlets have reported.