Ripple CEO Brad Garlinghouse has claimed that Sen. Cynthia Lummis (R-WY) — who chairs the Digital Assets Subcommittee — cancelled a meeting with him and won't reschedule.
The billionaire CEO, well-known for leading the blockchain and payments firm Ripple, urged Sen. Lummis, as "a leader in Congress and Senator from one of the most crypto-friendly states," to be "a leader for ALL of crypto." He invited Sen. Lummis to join him either virtually or onstage for a conversation to fulfill the Trump administration's goal of making the U.S. the crypto capital of the world.
Sen. Lummis is a well-known crypto advocate who introduced the BITCOIN Act to establish a strategic Bitcoin reserve.
Ripple CEO also told his followers on X that he was heading to Washington to support the "sensible pro-crypto" stablecoin and market structure legislation. He added that he was very encouraged to see the elected officials look at crypto as a multichain industry, "as it should be."
A stablecoin is a type of cryptocurrency that is created to maintain a stable value, unlike traditionally volatile cryptocurrencies such as Bitcoin. It is usually pegged to a traditional currency like the US dollar or a commodity like gold. On Dec. 17, 2024, Ripple also launched its stablecoin Ripple USD (RLUSD).
GENIUS Act returns to the Senate
Note that the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is expected to be debated in the Senate on May 19. Introduced by Sen. Bill Hagerty (R-TN), the bill is sponsored by Senators Cynthia Lummis, Tim Scott (R-SC), and Kirsten Gillibrand (D-NY).
The GENIUS bill has faced roadblocks — most notably due to Democrats, including Sen. Elizabeth Warren (D-MA), opposing it — owing to President Donald Trump-linked USD1 stablecoin.
Ripple, on the other hand, has been making news on multiple fronts of late.
The firm's ongoing securities violations case faced a shocking turn on May 15 as the court denied its settlement motion. It marked a positive turn of events for the firm on May 19 as the Chicago Mercantile Exchange (CME) launched XRP futures.
As per Kraken, XRP was trading at $2.37 at the time of writing.