Amid the swirling mists of the crypto world, a voice from Riot Platforms has risen, casting a shadow over the strategic Bitcoin reserve. Pierre Rochard, a vice president at Riot Platforms, has accused Ripple of orchestrating a grand lobbying effort to derail the reserve, all to safeguard the XRP narrative and champion state-controlled digital currencies. 🕵️♂️💰
Rochard, with a flair for the dramatic, claims that Ripple is still pouring millions into political coffers, “desperately trying to derail it.” The stakes, it seems, are higher than ever. 🚀🔥
The biggest obstacle for the Strategic Bitcoin Reserve is not the Fed, Treasury, banks, or Elizabeth Warren.
It’s Ripple/XRP. They are aggressively lobbying against the SBR by throwing around $millions at politicians, desperately trying to derail it.
They did the same to…
— Pierre Rochard (@BitcoinPierre) January 23, 2025
In a post on Jan. 23, Rochard argued that Ripple is relentless in its efforts to defend its XRP-based narrative and push for state-backed digital currencies. He also noted that Ripple has previously targeted Bitcoin mining efforts under the Biden administration, a move that seems to be part of a larger strategy. 🤔🔒
“They did the same to attack bitcoin mining under the Biden administration. Obviously they want to protect their marketing narratives and CBDCs built on their platform.”
Pierre Rochard
Not one to back down, Ripple’s chief executive Brad Garlinghouse swiftly countered, defending his company’s actions. He argued that Ripple’s efforts are in line 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,” Garlinghouse wrote in a response. 📜💪
While the exact figures of Ripple’s lobbying expenditures related to the Strategic Bitcoin Reserve remain a mystery, the company is no stranger to significant lobbying investments. In 2023, Ripple spent approximately $940,000 on lobbying activities, according to data from OpenSecrets. 📊🔍
And in 2024, Reuters reported that the crypto industry, with heavyweights like Coinbase and Ripple, spent over $119 million supporting pro-crypto U.S. congressional candidates, aiming to secure a legislative landscape favorable to digital assets. 📈🌟
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2025-01-24 12:41