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.

Bitcoin, the world's largest cryptocurrency, approached the previous session's record high on Tuesday in choppy trading as the top U.S. markets regulator unveiled a plan to overhaul rules for the sector.

The SEC rolled out a new crypto task force on Tuesday, aimed at helping "draw clear regulatory lines" in the space, the agency said.