Key Points
- Riot Platforms executive accuses Ripple of lobbying against the Strategic Bitcoin Reserve to safeguard its XRP narrative.
- Ripple CEO defends the company’s actions, aligning them with the wider objectives of the Biden administration.
Pierre Rochard, a top executive at Riot Platforms, has leveled allegations against Ripple. He claims that Ripple is spearheading a significant lobbying campaign to undermine the Strategic Bitcoin Reserve. According to Rochard, Ripple is investing heavily in politicians to thwart the initiative.
Ripple’s Alleged Lobbying Efforts
Rochard, in a post on January 23, argued that Ripple is unrelenting in its efforts to defend its XRP-focused narrative. This includes promoting government-controlled digital currencies. He also highlighted that Ripple has previously targeted Bitcoin mining initiatives under the Biden administration.
Rochard stated, “They did the same to attack Bitcoin mining under the Biden administration. Obviously they want to protect their marketing narratives and push for CBDCs built on their platform.”
Ripple’s Response
Brad Garlinghouse, Ripple’s CEO, promptly responded, justifying his company’s actions. He emphasized that Ripple’s efforts are in line with the broader objectives of the Biden administration.
Garlinghouse wrote in a response, “Unless you are choosing to ignore the core tenants of the POTUS campaign (which aggressively supports American companies and technologies), our efforts are actually INCREASING the likelihood of a crypto strategic reserve (which includes Bitcoin) happening.”
Although exact figures about Ripple’s lobbying expenditures related to the Strategic Bitcoin Reserve initiative are not public, Ripple is known to heavily invest in lobbying. In 2023, Ripple reportedly spent around $940,000 on lobbying activities, according to data from OpenSecrets.
In 2024, it was reported that the crypto industry, including big players like Coinbase and Ripple, spent over $119 million backing pro-crypto U.S. congressional candidates. The aim was to support lawmakers who would advocate for bills that support digital assets.
