Accusations have been leveled against Ripple by Riot Platforms executive Pierre Rochard, who claims the company is lobbying against the Strategic Bitcoin Reserve to protect its XRP narrative and promote state-controlled digital currencies.

Ripple Accused of Lobbying Against Strategic Bitcoin Reserve

Rochard, a vice president at Riot Platforms, took to social media to express his concerns, stating that Ripple is “aggressively lobbying against the SBR by throwing around $millions at politicians, desperately trying to derail it.” He also pointed out that Ripple has previously targeted Bitcoin mining efforts under the Biden administration.

“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

Ripple’s chief executive Brad Garlinghouse quickly responded, defending his company’s actions and pointing out that their efforts align with the broader goals of the Biden administration.

“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.”

Lobbying Expenditures

While specific figures regarding Ripple’s lobbying expenditures related to the Strategic Bitcoin Reserve initiative are not publicly available, the company has been known to invest significantly in lobbying efforts. In 2023, Ripple spent approximately $940,000 on lobbying activities. In 2024, the crypto industry, with big names like Coinbase and Ripple, dropped over $119 million supporting pro-crypto U.S. congressional candidates.

Key Takeaways:

  • Ripple has been accused of lobbying against the Strategic Bitcoin Reserve to protect its XRP narrative and promote state-controlled digital currencies.
  • The company has a history of investing in lobbying efforts, with significant expenditures in 2023 and 2024.
  • Ripple’s chief executive Brad Garlinghouse has defended the company’s actions, stating that their efforts align with the broader goals of the Biden administration.

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