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The Securities and Exchange Commission Acting Chairman Mark Uyeda launched a crypto task force on Tuesday focused on developing a comprehensive and clear regulatory framework for crypto assets.

The task force, led by Commissioner Hester Peirce, will coordinate with Congress to modify the framework. It will also collaborate with federal departments and agencies, including the Commodity Futures Trading Commission and state and international counterparts.

“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties,” Peirce said in a statement Tuesday. “We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”

The task force is looking forward to comments from the public and intends to hold roundtables in the future, the agency said.

The newly formed group will develop clear regulatory guidelines, establish practical registration procedures, design appropriate disclosure requirements, and prioritize enforcement actions strategically, the agency said.

The agency acknowledged that its reliance on enforcement actions and unclear legal interpretations has created uncertainty about compliance requirements and registration processes – leading to stifling innovation while enabling fraud. The task force will work with the SEC staff and the public to develop more coherent regulatory frameworks.

This is a departure from the SEC under now former chair Gary Gensler , who was largely seen as a crypto opponent.

Gensler had been vocal about the risks in crypto markets and the need to safeguard investors. Everyday investors usually do not get proper disclosures or information from digital assets firms, he told Bloomberg during an interview earlier this month.

Under his leadership, the SEC filed lawsuits against some of the major digital assets companies, including Coinbase .

But, per the announcement of the task force under the commission’s new leadership, “the SEC can do better.”

“Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive. The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud,” the announcement said.