Ripple CEO Criticizes Senator Lummis Amid $4-5 Billion Circle Bid

Ripple CEO Brad Garlinghouse criticized U.S. Senator Cynthia Lummis for canceling their planned meeting and declining to reschedule. This criticism comes as Ripple attempts to expand its influence in Washington while pursuing a $4-5 billion bid to acquire USDC issuer Circle. Garlinghouse's statement was made ahead of his visit to Washington, where he was scheduled to meet with lawmakers to support legislation on stablecoins and market structure.

Garlinghouse singled out Lummis, who chairs the Senate Digital Assets Subcommittee, for her absence. He described her as a key figure in one of the most crypto-friendly states and extended an open invitation to speak with her publicly, either through a live-streamed X Space or in person at upcoming industry events. He linked the discussion to broader efforts by the Trump administration to position the U.S. as a leader in crypto.

Garlinghouse’s post came just days after reports that Ripple submitted a $4–5 billion offer to acquire Circle, the issuer of USDC, one of the largest dollar-backed stablecoins. The offer was rejected as too low. Sources familiar with the matter say Circle is holding informal talks with both Ripple and Coinbase, even after filing for an IPO in April. While still pursuing a public listing, Circle is seeking a $5 billion valuation—setting the bar for any potential sale.

The competing bids now place two of the industry’s most prominent firms in a direct contest over the future of USDC. Ripple’s offer likely included a mix of cash and XRP, tapping into its sizable token reserves. However, Coinbase is widely viewed as the stronger contender due to its equity stake in Circle and control over key aspects of the USDC framework. The two firms previously co-managed USDC through the now-dissolved Centre Consortium and still share revenue from the stablecoin’s reserves.

What’s unfolding goes beyond corporate rivalry. The future of USDC carries implications for how private stablecoins are governed, distributed, and embedded into financial infrastructure. With legislation advancing slowly, acquisitions and strategic positioning may prove just as influential in shaping the rules that will govern stable digital dollars. For lawmakers, these corporate maneuvers add pressure to define not just who gets regulated, but who gets heard.

The clash between Ripple and Coinbase over Circle demonstrates diverging priorities within the crypto industry. Ripple promotes a multichain, enterprise-first vision, while some policymakers and insiders lean Bitcoin-first or stablecoin-conservative. These divisions are becoming more pronounced as regulation approaches. Controlling a major stablecoin like USDC isn’t just about payments. It offers leverage over liquidity flows, partnerships, and regulatory negotiations. Ownership shows influence over how digital dollars function in the broader economy.

If Ripple fails to secure Circle, it could fall behind in the race to shape the stablecoin layer of crypto infrastructure, especially if Coinbase gains even more control over USDC’s future direction. The intersection of policy influence and corporate strategy is becoming central to the future of stablecoins, with Ripple's actions and statements reflecting its determination to shape the regulatory landscape in its favor.