Ripple CEO Brad Garlinghouse responded to the accusations by Pierre Rochard, Vice President at Riot Platforms, that Ripple is leading a lobbying campaign to block the launch of the Strategic Bitcoin Reserve initiative in the United States.
Garlinghouse argued that Ripple’s efforts could increase the likelihood of a Strategic Bitcoin Reserve being established.
Rochard had alleged in a January 23 post on X that the blockchain company is spending millions to influence policymakers and derail the proposal. He criticized Ripple for aggressively defending its XRP-focused agenda while promoting state-backed digital currencies. He also pointed to its previous opposition to Bitcoin mining under 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,”
Garlinghouse wrote in an X post.
While specific figures for Ripple’s lobbying expenditures tied to the Strategic Bitcoin Reserve are unavailable, the company has historically invested heavily in lobbying. According to data from OpenSecrets, the firm spent approximately $940,000 in 2023 on such activities. The firm was also prominently mentioned in Reuters’s report that U.S. crypto companies collectively spent over $119 million in 2024 to support pro-crypto congressional candidates.
Meanwhile, the idea of government-managed Bitcoin reserves continues to gain traction in the U.S. Texas Senator Charles Schwertner recently introduced Senate Bill 778 (SB 778) to establish a Strategic Bitcoin Reserve, positioning Texas as a leader in financial innovation. The bill proposes creating a dedicated fund in the state treasury to hold Bitcoin, aiming to enhance economic resilience and growth. In December 2024, Rep. Giovanni Capriglione voiced support for the initiative with a proposal to accept taxes, fees, and donations in Bitcoin to help build the reserve.
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