In order to battle illicit finance and facilitate research of digital versions of the U.S. dollar for the United States, President Joe Biden is ordering federal agencies to focus more on the rapidly expanding cryptocurrency market. The White House issued a call to government departments across the board, urging them to coordinate what has been a fragmented approach to the new asset class up until this point.

According to a statement that was released by senior officials in the United States, including the chief of the National Economic Council Brian Deese and the National Security Advisor Jake Sullivan, the Biden Administration will announce its priorities for research and development of digital assets in the coming months.

The officials believe that U.S. government agencies should continue their efforts to increase enforcement and issue new guidance for cryptocurrencies as necessary. These new guidances should include those that address and limit the exposure of financial institutions to the risks associated with digital assets. They add that the events that took place over the course of the past year underline that more is needed.” Additionally, officials claim that Congress should increase the authority of regulators in order to avoid the misuse of customers’ money.