Latest news with #DigitalAssetsSubcommittee
Int'l Business Times
20-05-2025
- Business
- Int'l Business Times
Bitcoin Champion Sen Cynthia Lummis Cancels Meeting With Ripple CEO, $XRP Tumbles
Cynthia Lummis Sen. Cynthia Lummis, R-Wyo., reads the draft of the "Bitcoin reserve bill" at Bitcoin 2024 conference in Nashville. Bitcoin Magazine YouTube | Cynthia Lummis Unveils Bitcoin Strategic Reserve Bill Bitcoin Magazine on YouTube / Screenshot Garlinghouse urged Lummis to reconsider her stance and "be a leader for all of crypto" Bitcoin maximalists slammed the Ripple CEO for criticizing Lummis in public $XRP holders said it appears Lummis doesn't want a level-playing field in the crypto industry Sen. Cynthia Lummis, R-Wyo., has canceled a meeting with Ripple CEO Brad Garlinghouse, dashing hopes for a potential shift in dynamics in the long-running power struggle between the Bitcoin and XRP communities. Garlinghouse took to X on Monday to reveal that Lummis, known for championing a national strategic Bitcoin reserve, "canceled a meeting" with him and will not reschedule. Ripple CEO calls out Lummis In his Monday revelation, Garlinghouse said he was heading to the Capitol "to champion sensible pro-crypto legislation around stablecoins and market structure." As he has done in the past, the Ripple leader called for open-mindedness when it comes to politicians dealing with the cryptocurrency industry. He specifically called on Lummis to reconsider her stance. "As a leader in Congress and Senator from one of the most crypto-friendly states (WY), I hope you will reconsider and be a leader for all of crypto," he wrote. Heading to DC to champion sensible pro-crypto legislation around stablecoins and market structure, and I'm very encouraged to see our elected officials look at crypto as it should be – a multichain industry. That said, @SenLummis, as Chair of the Digital Assets Subcommittee,… — Brad Garlinghouse (@bgarlinghouse) May 19, 2025 Despite his subtle jab at the Bitcoin-friendly senator, who also chaired the Senate's Digital Assets Subcommittee, Garlinghouse said it was still encouraging to see that some government officials "look at crypto as it should be – a multichain industry." This was hardly the first time Garlinghouse criticized "maximalism," a term used by crypto users to refer to crypto holders who believe a specific digital coin is the only digital asset the world will need in the future. $XRP dips amid news XRP, the world's current fourth-largest crypto asset by market capitalization, retreated Monday after news of the canceled meeting spread across crypto communities. Data from CoinGecko showed that XRP prices plunged as low as $2.30 from trading at around $2.38 earlier in the day. Despite the price dip, XRP remains in the green, climbing by 0.6% in the last 24 hours. Ripple oversees the development of the XRP Ledger, whose native cryptocurrency is XRP. There has been an ongoing war of words between BTC maximalists and the XRP Army, which has often pushed Bitcoin and XRP to trend on social media. $BTC maximalists, $XRP army clash on X On X, where the bitter word war among top crypto communities has triggered questions on unity in the space, another exchange of words emerged from Garlinghouse's revelation. Prominent BTC maximalist Pierre Rochard blasted Garlinghouse for his alleged push for central bank digital currencies (CBDCs). "Nobody takes you seriously anymore," the Bitcoin Bond Company CEO said. You ruined your reputation and lost all credibility by pushing for CBDCs and against Bitcoin. Nobody takes you seriously anymore. — Pierre Rochard (@BitcoinPierre) May 19, 2025 Chainlink community liaison Zach Rynes said Garlinghouse shouldn't have called out Lummis publicly, saying it doesn't help improve crypto's relationship with politicians. Very weird tweet, if she didn't want to take a private meeting, why call her out publicly? That's not going to help relations, and why offer an even more public livestream discussion? — Zach Rynes | CLG (@ChainLinkGod) May 19, 2025 Other prominent crypto users encouraged Lummis to take up Garlinghouse's offer to discuss the broader crypto space with the Ripple CEO through an X Spaces session. That would be a great X space, @SenLummis! — Vet (@Vet_X0) May 19, 2025 Some also encouraged Lummis to join advocacy groups that provide advice on pro-crypto policies. Others in the XRP community said Lummis may want "an unfair advantage for Bitcoin" since a level-playing field for all crypto firms and projects might threaten the world's most valuable cryptocurrency. Why would @SenLummis cancel a meeting? Perhaps she wants an unfair advantage for Bitcoin. A level playing field is too threatening for Bitcoin, perhaps. — 🪝 (@DarkScarf89) May 19, 2025 @bgarlinghouse's spot on. If the U.S. wants to lead in crypto, open dialogue between the public and private sectors is non-negotiable. Refusing to meet sends the wrong message, and slows real progress. This is a multichain, global industry. Policy needs to reflect that. — JDNomax (@JDNomax) May 19, 2025 The official X handle of the Rowen Exchange agreed that Garlinghouse was right for publicly revealing Lummis's cancelation of the meeting, indicating growing demand for political interest in other crypto coins and companies outside the Bitcoin brand. Thank you for calling this out. This needed to be said — Rowen Exchange (@RowenExchange) May 19, 2025 Lummis has yet to respond to concerns around her supposed favor of BTC and rejection of other crypto projects. © Copyright IBTimes 2024. All rights reserved.
Yahoo
20-05-2025
- Business
- Yahoo
Ripple CEO alleges Senator Lummis canceled meeting, won't reschedule
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). 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 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. On the other hand, it marked a positive turn of events 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.
