Pakinomist — Bitcoin () rose as the Security and Exchange Commission said Tuesday that its acting chairman, Mark Uyeda, is forming a cryptocurrency task force to bring regulatory clarity to the industry.

() rose 3% to 106,040 in recent trade.

The SEC’s move is aimed at “developing a comprehensive and clear regulatory framework for cryptoassets.” The announcements fueled further optimism that under a second Trump administration, the regulatory burden on cryptoassets is likely to be lowered.

Bitcoin is up more than 50% since Trump’s election victory on Nov. 5, with many expecting the president to make good on his campaign promise to make the United States the crypto capital of the world.

Uyeda succeeds Gary Gensler, who resigned on Jan. 20 and was seen by some as too aggressive in his oversight of crypto assets.