Ripple CEO responds to accusations of lobbying against Bitcoin reserve

Ripple CEO Brad Garlinghouse has come out to debunk the allegations of the company lobbying against Bitcoin in a recent post on X. Garlinghouse said that it is not Ripple’s intention to hinder the creation of the Bitcoin reserve but rather support a strategic reserve of cryptocurrencies which may include other tokens.

Pierre Rochard, the Vice President of Riot Platforms, has opposed Ripple’s power to decide on the creation of a Bitcoin reserve. According to Rochard, Ripple’s lobbying is the leading factor hindering the creation of a strategic Bitcoin reserve. 

He said that Ripple is desperately trying to sabotage the plan, which may lead to the creation of a national Bitcoin reserve. Pierre stated, “It’s Ripple/XRP. They are aggressively lobbying against the SBR by throwing around $millions at politicians, desperately trying to derail it. “

Rochard’s view aligns with a section of the crypto community, especially those who view Bitcoin as a standalone digital commodity competing with gold. In response, Garlinghouse noted that the company’s objective is to promote the establishment of a multi-token reserve, not just Bitcoin. This is in contrast to Bitcoin supporters who consider Bitcoin one of the leaders in the cryptocurrency market.

“Our efforts are actually INCREASING the likelihood of a crypto strategic reserve (which includes bitcoin) happening.”

Garlinghouse

New executive orders from the president

Adding further complexity to the situation, President Donald Trump has signed an executive order creating the Presidential Working Group on Digital Asset Markets. The order requires the group to develop federal rules for digital assets such as stablecoins and consider establishing a national Digital Assets Reserve. Rumours have heightened that the reserve could be in the form of Bitcoin.

The executive order also states that this stockpile could be developed using digital assets which have been seized by the federal government through law enforcement. Based on Arkham data, the US government has $21 billion worth of seized cryptocurrencies, with Bitcoin being the most common asset, holding over 198k BTC in its wallets. These could be potentially used for a national reserve.

This potential for a strategic Bitcoin reserve has been accelerated by the recent appointment of Cynthia Lummis, a Bitcoin-supporting senator, as the new chair of the Senate Banking Subcommittee on Digital Assets. Lummis has noted that the subcommittee will focus on passing a bipartisan bill to support the proper development of digital assets and examine the creation of a Bitcoin reserve.

In her announcement, Lummis also pledged to strengthen oversight of federal financial regulators to stop the repetition of policies like Operation Chokepoint 2.0. Lummis has said that she plans to promote policies favourable to cryptocurrencies and possibly even create a BTC reserve.

Changpeng Zhao, the previous CEO of Binance, has also given his opinion on the matter and said that creating a Bitcoin reserve is “pretty much confirmed.” The price of Bitcoin has increased 2% to $106,300, though it is currently trading around $103,000. 

US Strategic Bitcoin Reserve, pretty much confirmed.

Crypto moving at crypto speed again. https://t.co/8qWlt65ARE

— CZ 🔶 BNB (@cz_binance) January 23, 2025

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