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.

President Trump’s meme coin went on a bumpy ride over — before steadying Tuesday after the Securities and Exchange Commission announced it would launch a “crypto task force.” The president’s $TRUMP meme coin sank to around $30 Monday night after the president failed to discuss digital assets on his first day in office,

Bulls hope the new initiative is a sign the president remains committed to the sector, after his first day in office left them feeling underwhelmed.