Jan 21 (Reuters) -

The U.S. Securities and Exchange Commission's new leadership

said on Tuesday it had created a task force to develop a

regulatory framework for crypto assets, in the first major move

by President Donald Trump's new administration to overhaul

crypto policy.

Trump, who campaigned on promises to be a "crypto

president," has pledged to reverse an industry crackdown under

former President Joe Biden's SEC, which sued multiple crypto

companies, including Coinbase and Kraken, alleging they

had flouted its rules.

The companies have denied those allegations, arguing the

SEC rules are inappropriate for cryptocurrencies and that it is

unclear when a crypto token might qualify as a security and

therefore be subject to the SEC's oversight. The industry has

been calling for years for the SEC to create clear

cryptocurrency rules.

Tuesday's move by Republican Commissioner Mark Uyeda,

whom Trump

named acting SEC Chair on Monday, and fellow Republican

Commissioner Hester Peirce, marks the first policy win for the

crypto industry under the new administration.

"The Task Force's focus will be to help the Commission

draw clear regulatory lines, provide realistic paths to

registration, craft sensible disclosure frameworks, and deploy

enforcement resources judiciously," Uyeda's office said in the

announcement.

Reuters reported this month that Uyeda and Peirce were

poised to kickstart Trump's crypto policy overhaul, including by

beginning the rule-making process. Trump is also expected to

soon issue executive orders that would lessen regulatory

scrutiny of the crypto industry and help promote the adoption of

digital assets, Reuters and other media reported.

"We are encouraged by this meaningful first step towards

real policy solutions and ending the regulation by enforcement

era of the past," Jonathan Jachym, global head of policy at

Kraken said in an email statement to Reuters. "We look forward

to accelerating our policy engagement ... to establish

regulatory clarity."

A spokesperson for Coinbase did not immediately respond

to a request for comment.

Bitcoin hit a fresh record high of $109,071 on Monday amid

investor excitement over the new crypto-friendly administration.

The task force will also help lawmakers as they draft

crypto-related legislation while coordinating with other federal

bodies, such as the Commodity Futures Trading Commission, as

well as state and foreign agencies, the SEC added.