The SEC’s statement regarding the commission doesn’t really provide much insight into what it will seek to do, other than “provide clarity” on the rules regulating the crypto industry. It will likely achieve that by just stripping back those rules altogether,

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 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.