A Riot Platforms executive has accused Ripple of actively undermining the Strategic Bitcoin Reserve in a bid to protect its XRP narrative and promote central bank digital currencies (CBDCs). Pierre Rochard, Vice President at Riot Platforms, made these claims in a Jan. 23 post on X, where he alleged that Ripple is spending millions lobbying politicians to derail the Bitcoin reserve initiative.
Rochard argued that Ripple has been “desperately” attempting to sabotage the reserve’s efforts while continuing to push for XRP’s dominance and state-backed digital currencies. He also accused Ripple of previously targeting Bitcoin mining during the Biden administration as part of its ongoing campaign to shape crypto policy in its favor.
“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,” Rochard stated.
In response, Ripple CEO Brad Garlinghouse defended the company’s actions, pointing to the alignment of their efforts with the broader goals of the Biden administration. He contended that Ripple’s lobbying efforts were not aimed at stopping a Strategic Bitcoin Reserve but were in fact supportive of initiatives that would include Bitcoin, further strengthening the crypto industry’s standing in the U.S. financial landscape.
“Unless you are choosing to ignore the core tenets 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,” Garlinghouse responded.
Although specific numbers regarding Ripple’s lobbying expenditures related to the Strategic Bitcoin Reserve initiative remain undisclosed, the company has been known to spend heavily on lobbying. In 2023, Ripple allocated roughly $940,000 to lobbying activities, according to OpenSecrets data. In 2024, Ripple, along with other major crypto companies like Coinbase, was part of an industry-wide effort that spent over $119 million to support pro-crypto U.S. congressional candidates. This push aims to elect lawmakers who would introduce legislation favorable to digital assets.
Riot Platforms’ accusations against Ripple add to the ongoing debate about the future of digital currencies in the U.S. and the strategic role that Bitcoin reserves could play in the country’s financial future. With Ripple and other companies staking their claims, the battle for the future of crypto is intensifying.
