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.

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,