The stock prices of crypto-related companies have jumped as the broader market reacted positively to United States President Joe Biden’s long-awaited executive order. This will require U.S. federal agencies to create a regulatory framework for digital assets, as well as explore a future digital dollar.

Coinbase surged up 10.5% at market close, while shares in Bitcoin-evangelist Michael Saylor’s MicroStrategy posted a 6.4% gain, according to TradingView.

Blockchain-related exchanged-traded funds (ETFs) also enjoyed the markets’ renewed confidence in crypto, with ProShares Bitcoin Strategy ETF gaining 10% and Valkyrie Bitcoin Strategy ETF closing up 10.3%.

Cryptocurrency mining companies enjoyed the largest gains with Riot Blockchain Inc. shares up 11.2% and Marathon Digital Holdings Inc. up 13.5%. Jefferies analyst Jonathan Peterson reportedly restored his buy rating for Marathon Digital Holdings Inc. in a note to clients, stating that crypto miners are likely to gain now that the U.S. Government is “more formally recognizing, engaging with and seemingly supporting” the digital asset industry.

While 10% swings are common in crypto, these are unusually volatile moves on traditional markets. Despite the past day‘s increase, Coinbase is still down nearly 48% from its direct listing price in April last year. Riot Blockchain is in an even worse position, currently down 76% from its most recent high in Feb. 2021.

Bitcoin (BTC) itself jumped 9% after details concerning the leaked executive order before settling back to the current 5% gain.

Aside from the immediate positive price action, the executive order was considered by most investors to be if not a net positive for the crypto industry, at least a lot less bad than had been feared. President Biden called the rise of digital assets, “an opportunity to reinforce American leadership in the global financial system and at the technological frontier.”

The order didn’t explicitly state what sort of regulatory measures could be expected, but the overall sentiment from the U.S. Federal government seemed constructive. This means that the executive order will potentially work to expand the adoption of virtual currencies within the U.S. financial system.

This was further supported by Treasury Secretary Janet Yellen, who said in a statement that legislation will help consumers and businesses.

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy,” Yellen said. “This approach will support responsible innovation that could result in substantial benefits for the nation, consumers and businesses.”

Minnesota Congressman Tom Emmer provided an insightful breakdown of the areas that the executive order glossed over, warning his 48,000 Twitter followers that they have no reason to expect that the U.S. government will prioritize policies for open, permissionless or private technology.

Related: Crypto could bypass President Biden's 'devastating' sanctions on Russian banks and elites: Report

He added, however, that one of the most promising parts of the executive order was that it “doesn’t ask the SEC to weigh in. SEC Chair Gensler has spent the past year intimidating crypto innovators and entrepreneurs with his unproductive regulation by public statement and enforcement action. His input is not critical.”

Gensler weighed in on the news anyway, deciding to post his support for Biden’s regulatory efforts on Twitter.

Gensler’s tweet was received with criticism from some in the cryptocurrency community on Twitter, given his oft-expressed skepticism for the digital asset industry.

Ryan Selkis, the CEO of Messario Crypto, put Gensler directly in the crosshairs, claiming that Gensler’s goals have nothing to do with investor protection.

Zooming out, the overall share market rose on Wednesday with the S&P 500 posting a 2.5% gain despite continued geopolitical tension in Eastern Europe.