The order is likely to be signed Wednesday, according to Reuters, and would be the White House's first step toward regulating cryptocurrency.

It will reportedly outline what the federal agencies, including the Treasury, State and Commerce departments, need to do to develop regulations and policies on the cryptocurrency market, according to The Associated Press. 

The order will ask the State Department to make sure that American cryptocurrency laws align with those of U.S. allies, the AP reported. It will also reportedly task the Financial Stability Oversight Council, which identifies risks to the country's financial stability, to investigate any financial concerns.