Joe Biden is dipping his toes into crypto. On Wednesday, the president signed a first-of-its-kind executive order outlining a path to regulation of cryptocurrencies and inspiring federal businesses to review the creation of a U.S. digital greenback on the blockchain. Bitcoin’s value surged within the glow of the president’s consideration.

The order, titled “Ensuring Responsible Innovation in Digital Assets,” requires a “whole-of-goverment” strategy to analyzing the dangers and advantages posed by the monetary know-how and to contemplating laws that might “address any regulatory gaps.”

“The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk,” the White House mentioned in a press release.

The White House cited the current “explosive growth” in digital property and rising digital currencies in different nations as key elements for transferring ahead with the order now. Some 16% of U.S. adults have already invested or traded in cryptocurrencies. The order lays out six essential priorities—“consumer and investor protection, financial stability, illicit finance, U.S. leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation.” Notably, Biden additionally referred to as for the exploration and examine of a possible digital U.S. greenback foreign money operated by the U.S. Central Bank.

Though the order strongly encourages regulatory our bodies to work collectively to draft new shopper protections, it punts on providing any particular suggestions.

“The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate,” the White House’s assertion reads.

The order drew rapid praise from Treasury Secretary Janet Yellen, who has beforehand spoken critically about crypto, at one level calling Bitcoin an “extremely inefficient” option to conduct transactions.

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy,” Yellen mentioned in a press release. She mentioned Biden’s strategy would deal with “risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

SEC Chair Gary Gensler, who has described the cryptocurrency sector because the “wild west,” additionally voiced his approval for the order.

Bitcoin’s value surged greater than 8% on Wednesday morning in response to the announcement, in accordance with Reuters, an indication of the trade’s curiosity in some type of U.S. authorities technique. Ethereum noticed related beneficial properties.