Senator Cynthia Lummis has not addressed public inquiries regarding her son-in-law’s involvement in Bitcoin businesses following scrutiny over her canceled meeting with Ripple CEO Brad Garlinghouse. Her office did not respond to an emailed request for comment.
Senator Lummis, who chairs the Senate’s Digital Assets Subcommittee, recently canceled a meeting with Garlinghouse without rescheduling it. This decision has raised concerns among crypto stakeholders as Congress continues efforts to draft regulations for stablecoins and the broader crypto market structure. CoinDesk and other crypto policy observers suggest that this move might indicate a preference for Bitcoin-centric policies rather than a balanced approach across various blockchain ecosystems.
A point of contention is Lummis’ familial connection to Will Cole, a known Bitcoin maximalist entrepreneur. CoinDesk reports that this perceived bias has led to conflict-of-interest concerns. Independent crypto investigator Cowboy Crypto alleged on X that Will Cole, Senator Lummis’s son-in-law, may be influencing federal crypto policy through his role as Head of Product at Zaprite, a Bitcoin-only payments company. Cole is known for promoting Bitcoin maximalism and frequently criticizes rival assets like Ripple’s XRP on social media.
According to a report published by The Federal Newswire, these family and ideological ties have raised new ethical questions about whether Lummis can neutrally lead legislation impacting the broader crypto industry. Despite being founded in 2017, Zaprite remains a small operation with limited market presence. According to PitchBook, the company has attracted venture capital investment but currently has only two employees, indicating modest growth over eight years. This limited expansion raises questions about the scalability and adoption of Bitcoin-only payment solutions in a market increasingly favoring multi-asset platforms.
According to CoinGecko data cited by The Federal Newswire, Ripple’s XRP token held a market capitalization of over $33 billion in May 2024 and maintained a daily trading volume exceeding $1.1 billion. These metrics contradict claims by some Bitcoin-only advocates that XRP has lost relevance or credibility in the digital asset space. Despite historical regulatory hurdles, XRP has rebounded and remains widely adopted, particularly in cross-border payments infrastructure.
Senator Cynthia Lummis parlayed 20 years in Wyoming state offices—treasurer, House, and Senate—into a U.S. Senate seat in 2021 and now helms the Banking Committee’s Digital Assets panel. A committed Bitcoin booster, she revealed owning roughly five BTC before shifting them into a blind trust and has even urged Washington to create a national “strategic Bitcoin reserve,” steps that have fueled watchdog worries that her personal stake—and her Bitcoin-only inner circle—could color the crypto rules she writes, as per Politico.
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