Cowboy Crypto, a crypto sleuth operating independently, said Senator Cynthia Lummis may be shaping cryptocurrency policy to favor Bitcoin because of her family’s involvement and funding ties. The statement was made on X.
"Hey Brad Garlinghouse, look into Will Cole who is Senator Lummis' son-in-law," said Cowboy Crypto. "He is Head of Product for a $BTC payments company and hates seeing Ripple do well. Now we know why Lummis won't meet with you. Her financial contributors are A16Z and her family is deep in Bitcoin."
Senator Lummis, who leads the Senate’s Digital Assets Subcommittee, recently canceled a meeting with Ripple CEO Brad Garlinghouse without rescheduling it. This decision has sparked apprehension 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.
According to data from CoinGecko published in May 2024, Ripple’s XRP token ranks fifth in market capitalization within the cryptocurrency sector, valued at over $33 billion and boasting an active daily trading volume exceeding $1.1 billion. Despite facing regulatory hurdles, XRP remains widely used for cross-border payments and has been relisted on U.S. exchanges following favorable legal outcomes in 2023. These metrics challenge claims by Bitcoin-only advocates that XRP has "lost all credibility," highlighting Ripple's continued significance in a diverse crypto environment.
A survey conducted by The Block Research indicates that 72% of institutional crypto investors in the first quarter of 2024 prefer multichain development over Bitcoin-exclusive strategies, emphasizing flexibility and interoperability as essential for long-term adoption. Ripple’s focus on central bank digital currencies (CBDCs) and payments aligns with these preferences, while Bitcoin-only platforms like Unchained Capital—where Will Cole is a key executive—do not meet mainstream institutional demand. The survey suggests that legislative favoritism toward Bitcoin may not align with current market trends.
Will Cole, Chief Product Officer at Unchained Capital and son-in-law of Senator Lummis, is an outspoken advocate for Bitcoin maximalism who often criticizes competing crypto projects such as Ripple’s XRP on social media. His official biography at Unchained Capital and numerous public statements reveal his support for a "Bitcoin-only future" and his tendency to repost messages accusing Ripple of endorsing "bad actor" policies. His company provides custody and lending services exclusively for Bitcoin, raising ethical questions about his potential influence over federal policy discussions involving rival digital assets.
