A Riot Platforms operator accuses Ripple of lobbying against the Strategic Bitcoin Reserve to protect its XRP statement and promote state-controlled digital currencies.
Pierre Rochard, vice president at Riot Platforms, has accused Ripple of leading a massive lobbying effort to cancel the Strategic Bitcoin Reserve, saying the company is still throwing millions dollars on politicians “trying hard to cancel it. “
In X's January 23rd post, Rochard argued that Ripple is showing no signs of slowing down to defend its XRP-based narrative while pushing for a state-backed digital currency. He also pointed out that Ripple has previously targeted Bitcoin mining efforts under the Biden administration.
“They did the same thing to attack bitcoin mining under the Biden administration. Of course they want to protect their marketing statements and push for CBDCs built on their platform.”
Pierre Rochard
Ripple CEO Brad Garlinghouse was quick to hit back, defending his company's actions. He pointed out that Ripple's efforts align with the broader goals of the Biden administration.
“Unless you choose to ignore the core tenants of the POTUS campaign (who strongly support American companies and technologies), our efforts actually INCREASE the likelihood that a retreat will occur before – crypto innovation (which includes bitcoin),” Garlinghouse wrote in response.
Although specific figures regarding Ripple's lobbying spending related to the Strategic Bitcoin Reserve campaign are not publicly available, the company is known to have invested heavily in lobbying efforts. In 2023, Ripple spent about $940,000 on lobbying activities, according to data from OpenSecrets.
In 2024, Reuters reported that the crypto industry, with big names like Coinbase and Ripple, dropped more than $119 million supporting pro-crypto US congressional candidates, aiming to get lawmakers who will push for bills that will bring back digital assets.
Source: https://crypto.news/riot-platforms-exec-slams-ripple-for-sabotaging-strategic-bitcoin-reserve/
