The initiative, unveiled Tuesday by Acting SEC Chairman Mark T. Uyeda, marks the start of what some observers are calling “SEC 2.0,” a more collaborative and transparent approach to cryptocurrency regulation.

Under the new plan, pro-crypto SEC Commissioner Hester Peirce will lead the task force, drawing on expertise from across the agency. Senior Advisor to the Acting Chairman Richard Gabbert and Senior Policy Advisor Taylor Asher have been named chief of staff and chief policy advisor, respectively.

The team is charged with setting “the SEC on a sensible regulatory path that respects the bounds of the law,” according to the official statement. The announcement also acknowledges a history of reliance on enforcement actions that left the crypto community uncertain about compliance.