The newly appointed White House AI and crypto czar David Sacks has said that the administration is prioritizing the regulation of stablecoins as part of a broader effort to establish a clear framework for digital assets.

The XRP Ledger has 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.

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.

Top stories in the Crypto Roundup today:

• White House AI and Crypto Czar to Prioritize Stablecoin Legislation
• XRP Ledger Experiences Hour-Long Outage
• Canadian Investment Firm Sol Strategies Significantly Boosts SOL Holdings

White House AI and Crypto Czar to Prioritize Stablecoin Legislation

The newly appointed White House AI and crypto czar David Sacks has said that the administration is prioritizing the regulation of stablecoins as part of a broader effort to establish a clear framework for digital assets.

Sacks has said that he is working with lawmakers to advance legislation through Congress within the next six months, noting that they are “very committed to moving legislation through the House and the Senate this year to provide that clear regulatory framework that the digital assets ecosystem needs to sustain innovation in the United States.”

Sacks’ comments followed a press conference with leaders of key House and Senate committees overseeing banking and finance. Flanked by Senators Tim Scott (R-S.C.) and John Boozman (R-Ark.), as well as Rep. French Hill (R-Ark.) Sacks emphasized the administration is looking forward to “creating a golden age in digital assets.”

Their first priority is to support a stablecoin bill introduced by Sen. Bill Hagerty (R-Tenn.) looking to create a “clear regulatory framework” for their use. Sacks has also revealed that a top priority is to evaluate the “feasibility of a bitcoin reserve.”

XRP Ledger Experiences Hour-Long Outage

The XRP Ledger has 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, saying that it looked like “consensus was running but validations were not being published, causing the network to drift apart.

Per Schwartz, validator operators had to manually intervene to establish a “sane starting point” to build enough consensus and allow the network to resume. Ripple, he added, was investigating the root cause of the disruption.

Only a few Unique Node List validators, Schwartz said, were forced to make changes to reboot the network, which could mean the “network spontaneously recovered.” RippleX, a division of Ripple, noted that users’ funds remained safe throughout the ordeal.

Canadian Investment Firm Sol Strategies Significantly Boosts SOL Holdings

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.

Last month the firm, which had submitted an application to list on the Nasdaq, sold $2.5 million of convertible debentures to increase its SOL holdings by 6,564.57 tokens at an average price of $265.65 per token. 

Sol Strategies, formerly known as Cypherpunk Holdings, is led by former Valkyrie Investments co-founder Leah Wald. The company has acquired validators not only on Solana but also on Sui (SUI), Monad (MONAD), and ARCH (ARCH). Validators play a crucial role in securing Proof-of-Stake blockchains by staking specific amounts of these networks’ cryptocurrencies.

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