Bitcoin and other cryptocurrencies rallied sharply after the U.S. Treasury Department released details of an executive order from President Joe Biden that appears to support a stance on digital assets, CNBC writes.

The cryptocurrency rally began back on Tuesday night, after the Treasury Department released details and a statement online in response to the US President’s upcoming executive order on cryptocurrencies.

According to CoinDesk, bitcoin was trading at $41,584.21 as of 02:17 a.m. ET (07:17 GMT). Other cryptocurrencies, including ether, also rose sharply.

In a statement already removed from websites, the Treasury Department said the order calls for a comprehensive approach to digital assets and that government agencies will coordinate their work in this area.

Even such a fleeting statement from the Treasury Department, which seemed supportive of cryptocurrencies, was enough to boost optimism in the market.

“The leaked statement from the Ministry of Finance was welcomed by the cryptocurrency market as it seems to focus on developing the industry rather than introducing unrealistic regulations,” said Yuya Hasegawa, a market analyst at Japanese cryptocurrency exchange Bitbank.

While some countries, such as China, seek to destroy cryptocurrency trading, others, such as El Salvador, have embraced it. The U.S., on the other hand, does not yet have a structure high enough to develop and regulate cryptocurrencies.