Ripple CEO Brad Garlinghouse has responded to the lobbying accusations made by Riot Platforms Vice President Pierre Rochard regarding the creation of a Bitcoin Reserve in the U.S.
Accusations Against Ripple
Vice President of Riot Platforms, Pierre Rochard, accused Ripple of spending millions to lobby for its strategy to derail the launch of the Strategic Bitcoin Reserve initiative in the United States. He alleged that Ripple is aggressively defending its policy focused on promoting state-backed digital currencies. He also pointed to their previous opposition to Bitcoin mining under the Biden administration.
Garlinghouse's Response
In a post on X, Brad Garlinghouse noted that Ripple's efforts might increase the likelihood of establishing a Strategic Crypto Reserve, including Bitcoin. Specific figures for Ripple's lobbying expenses related to the Bitcoin Reserve are unavailable, but historically, the company has heavily invested in lobbying, spending approximately $940,000 in 2023.
U.S. Government Support
The idea of managing a Bitcoin reserve continues to gain momentum in the U.S. Texas Senator Charles Schwertner recently introduced a bill to create a Strategic Bitcoin Reserve, positioning Texas as a leader in financial innovation. In December 2024, Representative Giovanni Capriglione also expressed support for the initiative, proposing to accept taxes, fees, and donations in Bitcoin to build the reserve.
The situation surrounding the Strategic Bitcoin Reserve continues to intrigue with diverse stakeholders involved, including Ripple, and state-level initiatives in the U.S. may play a key role in the future of cryptocurrency policy.
