In addition, the SEC – under acting Chairperson Mark Uyeda – has announced the creation of a new crypto task force charged with the creation of comprehensive and clear regulatory framework for cryptoassets.

"The executive order, as a whole, is mostly aspirational and symbolic. But the direction it points, I think, is quite bullish," a crypto market source told BI.

The executive order directs the government to propose a regulatory framework and explore the creation of a digital asset stockpile.