This month saw a noticeable increase in tension between Ripple Labs and government officials, as the former has been met with silence rather than dialogue, despite its significant role within the cryptocurrency asset sector. The inaction (or absence of action) by key authorities seems to be indicative of a widening rift between Ripple and political figures in Washington D.C.
Is Senator Lummis Ignoring Ripple’s XRP?
Brad Garlinghouse, Ripple’s CEO, shared that a scheduled discussion with Senator Cynthia Lummis, who heads the Senate Digital Assets Subcommittee, was unexpectedly called off and remains unscheduled. In a post on social media platform X, he expressed his hope that she would reconsider their meeting and take a proactive role in supporting cryptocurrency as a whole, given her influence as a Congress leader from a state known for its crypto-friendly attitude (Wyoming).
Additionally, Garlinghouse publicly invited Lummis for a frank discussion, either digitally or in person at upcoming functions. Garlinghouse was in Washington to push for what he referred to as “reasonable crypto-friendly laws” concerning stablecoins and the broader market setup. However, the silence from Senator Lummis, who is set to attend the Bitcoin 2025 conference next week, sparked sharp comments from industry professionals.
Legal supporter of XRP, Bill Morgan, used platform X to challenge Senator Lummis’ focus. “As multiple entities have recently minted stablecoins on the XRP Ledger,” he wrote, “Bitcoin Maximillian Senator Cynthia Lummis made this surprising contribution to the Bitcoin community.
The tone of his remark seemed sarcastic, as he attached a screenshot of Lummis’ post featuring her animated self enjoying pizza to celebrate Bitcoin Pizza Day. This led some to wonder if she’s intentionally avoiding XRP. However, no clear response has been given by her yet on this matter.
SEC Commissioner Rejects Idea of Settlement
Currently, there’s growing disagreement within the U.S. Securities and Exchange Commission about Ripple. On May 9th, Commissioner Caroline A. Crenshaw issued a firm dissent to the agency’s settlement with Ripple Labs. Instead of paying a $125 million fine, Ripple was allowed to use $75 million from escrow funds and lift a previous ban that had limited XRP sales.
Crenshaw stated her opposition to this agreement, going so far as to express concern that it undermines the straightforward and truthful interpretation of law with respect to facts. She argued that the settlement could potentially compromise the Securities and Exchange Commission’s strong position in enforcing digital asset regulations.
Crenshaw expressed three major issues: potentially weakening judicial power, establishing a regulatory gap, and heightening investor risks. She explained that the agreement increases both the fine and the injunction. Crenshaw cautioned that this could enable Ripple to re-enter XRP sales without the court-required legal certainty.
Currently, there’s growing curiosity about what the crypto regulation landscape will look like in the U.S., given the SEC’s ongoing legal case with Ripple and the differing viewpoints among industry leaders, which hint at potential shifts. For Ripple and XRP holders, the lack of clear statements from influential figures in Washington might carry more weight than any immediate action taken.
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2025-05-24 00:15