President Joe Biden on Wednesday ordered government agencies to take a closer look at issues surrounding the fast-growing crypto market, from developing a potential digital dollar to combating illicit finance.

The White House executive order, which was outlined in a fact sheet, comes as the administration faces calls from the industry to take a leading role in setting policy for digital assets. It is the first attempt at coordinating the government's strategy, though it falls short of providing a clear direction on regulation—something crypto firms have been clamoring for.

Instead, the order instructs agencies from Treasury to the Commerce Department to research a number of topics, including the pros and cons of a potential U.S. digital dollar. It also calls for studies and policy recommendations on issues ranging from protecting consumers to combating illicit finance. The goal is to take advantage of the potential benefits of digital assets while also addressing the risks, the White House said in the fact sheet.