Thomas Daniels
Riot Platforms Vice President Pierre Rochard has charged Ripple with spearheading a vigorous lobbying effort to thwart the creation of a Strategic Bitcoin Reserve. In an article published on X (previously Twitter) on January 23, Rochard said that Ripple is still spending millions to defend its story around XRP and support central bank digital currencies (CBDCs) in opposition to the popularity of Bitcoin.
“They attacked Bitcoin mining during the Biden administration in a similar manner. Rochard criticized Ripple’s intentions, saying, “Obviously, they want to protect their marketing narratives and push for CBDCs built on their platform.”
The CEO of Ripple defends lobbying efforts.
Brad Garlinghouse, the CEO of Ripple, denied Rochard’s allegations, stating that the company’s lobbying efforts support the Biden administration’s overarching objectives. According to Garlinghouse, Ripple’s actions might make a crypto-inclusive strategic reserve—which would also contain Bitcoin—more likely.
“Our efforts are actually INCREASING the likelihood of a crypto strategic reserve (which includes Bitcoin) happening, unless you are choosing to ignore the core tenets of the POTUS campaign (which aggressively supports American companies and technologies),” Garlinghouse stated in response.
The Impact of Ripple’s Lobbying Expenditures on the Industry
Although it’s unknown how much was spent specifically on lobbying against the Strategic Bitcoin Reserve, Ripple has spent a lot of money on this. According to OpenSecrets, the business spent over $940,000 on lobbying in 2023.
Additionally, the larger cryptocurrency sector has greatly increased its lobbying efforts. Major cryptocurrency companies, such as Coinbase and Ripple, combined spent more than $119 million in 2024 supporting pro-crypto U.S. congressional candidates, according to a Reuters report. This expenditure demonstrates the industry’s desire to influence laws that support blockchain technology and digital assets.
Wider Consequences
The conflict between Ripple and Riot Platforms brings to light persistent issues in the cryptocurrency industry. While proponents of Bitcoin support decentralized digital assets, businesses like Ripple have adopted a hybrid strategy that combines state-backed solutions like CBDCs with private innovation.
Debates regarding Bitcoin’s place in U.S. financial strategy are expected to heat up as the Strategic Bitcoin Reserve program gains traction, and lobbying efforts will be crucial in determining how digital currency regulation develops in the future.
