In a first-of-its-kind executive order, US President Joe Biden instructed federal agencies to coordinate their efforts in creating cryptocurrency rules.

The executive order, which is the first of its kind to focus only on the rapidly rising digital asset sector, orders federal agencies to better explain their work in the industry, but it does not specify any specific stances the administration wants agencies to take.

“We remain committed to working with allies in the broader digital asset community to shape the future of digital assets systems in a manner that's inclusive, consistent with our democratic values and safeguard the integrity of the global financial system(...)” stated an official

According to a fact sheet provided to reporters, the executive order would set six key priorities for the administration: defending U.S. interests, protecting global financial stability, avoiding illegal uses, fostering "responsible innovation," financial inclusion, and U.S. leadership.

The executive order's focus has long been speculated to be on national security. National security is mentioned a few times in the fact sheet describing the order, and an administration source said the government has already started working on resolving these issues.