Michaela
Ripple CEO Brad Garlinghouse has denied accusations that Ripple Labs is actively working to block the creation of a Strategic Bitcoin RŠµserve. The company had been criticized for allegedly engaging in aggressive lobbying efforts to prevent its establishment.
Pierre Rochard, Vice President of Research at Riot Platforms, has identified Ripple Labs as the primary hurdle to the creation of a Strategic Bitcoin Reserve. He said that the real opposition does not come from the Federal Reserve, the Treasury, banks, or even figures like Elizabeth Warren, who is known for her critical views of cryptocurrency.
āItās Ripple/XRP. They are aggressively lobbying against the SBR by throwing around $millions at politicians, desperately trying to derail it,ā Rochard wrote in an X post.
Furthermore, Rochard pointed to a similar situation where Ripple opposed crypto mining regulations during the Biden administration.
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āObviously they want to protect their marketing narratives and push for ŃBDCs built on their platform,ā Rochard added.
In response to the accusations, Garlinghouse suggested that Rochard may be overlooking the fundamental principles of President Donald Trump’s campaign, which aimed to prioritize and support American businesses and technological advancements.
Garlinghouse added that, contrary to Rochard’s clŠ°ims, Ripple’s actions are actually helping to increase the chances of establishing a strategic cryptocurrency reserve, including Bitcoin.
In a separate X post, Rochard furthered his claims, saying that Ripple is against the creation of a Strategic Bitcoin Reserve and instead supports a “Diversified Crypto Reserve.” He referenced a video clip of Ripple CEO Brad Garlinghouse, who said: āIf thereās some talk of a crypto reserve, I think that would end up including Bitcoin and other technologies. Which frankly just makes sense from the diversification point of view.ā
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Following the exchange, President Trump issued an Executive Order directing his administration to evaluate the creation of a ānational digitŠ°l asset stockpile.ā The order outlines plans for developing federal regulations around digitŠ°l assets, including stablecoins, but does not commit to immediately establishing a strategic Bitcoin reserve.
The Executive Order also clearly prohibits federal agencies from advocating for or developing central bank digital currencies (CBDCs), reversing prior policies from the previous administration concerning digital assets.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
