U.S. to Regulate Stablecoins: Crypto Czar Pushes for Legislation

The U.S. government is prioritizing the regulation of stablecoins as part of a broader effort to establish a clear framework for digital assets. David Sacks, the newly appointed White House AI and crypto czar, has stated that the administration is committed to advancing legislation through Congress within the next six months to provide a clear regulatory framework for the digital assets ecosystem.

Sacks has revealed that the administration is working with lawmakers to support a stablecoin bill introduced by Sen. Bill Hagerty (R-Tenn.) that aims to create a clear regulatory framework for their use. Additionally, Sacks has mentioned that a top priority is to evaluate the feasibility of a bitcoin reserve.

The XRP Ledger experienced an hour-long halt that prevented validations from being published. The disruption started at block height 93927174 and lasted for 64 minutes before the blockchain was rebooted. Ripple's technology chief David Schwartz confirmed the outage on social media and noted that validator operators had to manually intervene to establish a "sane starting point" to allow the network to resume. RippleX, a division of Ripple, noted that users' funds remained safe throughout the ordeal.

Canadian investment firm Sol Strategies has significantly increased its Solana (SOL) holdings, buying 40,300 tokens between Jan. 19 and Jan. 3 at an average price of $246.53 per token. The latest acquisition brings Sol Strategies' total SOL holdings to 189,968 tokens worth roughly $40.9 million. The firm's average purchase price for the cryptocurrency currently stands at around $178.39.

Republican leaders from key House and Senate committees announced the formation of a working group dedicated to developing legislation for a comprehensive digital asset framework and stablecoin regulations in the United States. This bipartisan initiative involves members from the House Financial Services Committee, House Agriculture Committee, Senate Banking Committee, and Senate Agriculture Committee. The goal is to ensure that the U.S. remains competitive in the realm of financial technology and digital assets.

The congressional working group is distinct from the one proposed by US President Donald Trump. President Trump's executive order, issued on January 23, aimed to prevent the U.S. government from issuing a central bank digital currency and called for the study of creating a national crypto stockpile. Trump's executive orders have encountered