US Senator Cynthia Lummis canceled a meeting with Ripple CEO Brad Garlinghouse on Monday, according to a statement from the company. The cancellation comes as tensions rise between advocates for Bitcoin-only regulations and those who argue that all blockchain networks should be supported equally.
Garlinghouse was visiting Washington, D.C. to advocate for a balanced and inclusive approach to digital asset regulation. He expressed disappointment at the cancellation of the meeting, stating:
"I’m disappointed that we won’t have an opportunity to discuss our views on this important issue. I believe it’s essential that regulators consider all blockchain networks when developing regulatory frameworks."
Lummis’ Stance on Cryptocurrencies
Lummis has been critical of other cryptocurrencies, including Ripple’s XRP, which she has called "a scam." She is known for her support of Bitcoin and has argued that it is the only cryptocurrency worth investing in.
Garlinghouse’s Advocacy for XRP
Garlinghouse has been working to promote XRP as a viable digital asset, believing it offers several advantages over Bitcoin, including:
- Faster transaction times
- Lower fees
Implications of Regulatory Approaches
The debate over regulatory approaches has significant implications for the future of digital assets. Some lawmakers are pushing for strict regulations on cryptocurrencies, while others argue that they should be treated like traditional assets such as stocks or bonds.
Recent Developments
CME Group launched XRP futures trading on Monday, which may increase pressure on regulators to approve a spot exchange-traded fund (ETF) for XRP. An ETF would allow investors to buy or sell shares in an investment fund based on its value rather than buying individual coins directly from exchanges.
Ripple’s stock price surged 25% after CME announced plans to launch XRP futures trading last month but fell 10% after news broke about Lummis’ criticism of Garlinghouse during an interview with Bloomberg TV last week.
The US Securities and Exchange Commission (SEC) approved CME Group’s request last year but rejected similar requests from other companies, partly because they were not listed by major exchanges such as Coinbase Global Inc., Binance US, or FTX US.
Conclusion
The ongoing discussions and regulatory decisions surrounding digital assets will continue to shape the landscape of cryptocurrencies and their acceptance in the financial market.
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