Ripple CEO Garlinghouse calls out Sen. Lummis for canceling a meeting

In his Monday revelation, Garlinghouse said he was heading to the Capitol "to champion sensible pro-crypto legislation around stablecoins and market structure."

The chairman of the House Financial Services panel, Rep. Maxine Waters (D-Calif.), is planning to launch an investigation into the crypto industry, according to a report by The Block.

Several members of Congress have been calling for increased scrutiny of the cryptocurrency sector following the collapse of several major digital asset firms, including exchange FTX.

"As the apex regulator for financial stability and soundness, I am deeply concerned about the implications of the recent rapid growth in the shadow financial system, including crypto," a spokesperson for House Financial Services told The Block in an email.

"The Chair is planning to launch an investigation to closely examine the crypto industry and its impact on our financial markets and consumers."

The probe will likely examine issues such as the role of crypto in financial stability, the implications of the industry's rapid growth, and the need for consumer protection in the digital asset space.

It will also likely delve into the events leading up to the collapse of FTX and other major crypto firms, which shook the industry and sparked widespread calls for greater regulation.

Several lawmakers have expressed interest in examining the events that led to the collapse of FTX, which filed for bankruptcy in November 2022.

The probe will likely bring together information from several sources, including testimony from industry executives, academics, and consumer advocates.

It will also likely take into account existing reports and research on the crypto industry and its impact on the U.S. financial system.

The investigation is expected to be announced in the coming weeks as Congress returns from its summer recess. It is likely to be met with interest from both sides of the aisle, as lawmakers on both sides of the political spectrum have expressed concern about the crypto industry in recent months.