The push for Bitcoin’s Strategic Reserve (SBR) dates back several months, and today, Ripple Labs has been named as a company actively lobbying against making it happen. This explanation came from Pierre Rochard, VP of Research at Riot Platforms, who said that Ripple Labs is throwing money at politicians to obstruct SBR plans.
Bitcoin Strategic Reserve: Richard Claims
According to Roshard, the biggest obstacle to Bitcoin’s strategic reserve is not the Fed. He pointed out that these obstacles are not the US Treasury, banks, or Elizabeth Warren.
He said the problem lies with Ripple Labs and the clear focus on XRP. The Riot Platforms CEO noted that Ripple “is actively lobbying against SBR by funneling around millions of dollars to politicians.” He believes Ripple Labs’ motive is to derail Bitcoin’s strategic reserve plans.
Pierre Rochard went on to mention similar examples related to Crypto mining. He said Ripple Labs attacked Bitcoin mining under President Joe Biden’s administration.
“They clearly want to protect their marketing narratives and push for CBDCs built on their platform,” he claims.
Ripple Labs CEO fired
In response to Roshard’s claims, Brad Garlinghouse said he may choose to ignore the basic tenets of President Donald Trump’s campaign. To be sure, he said that this campaign promises to support American companies and technologies in general.
On the contrary, his efforts increase the likelihood of a strategic reserve for cryptocurrencies, including Bitcoin, Garlinghouse said.
Unless you choose to ignore the core tenants of the POTUS campaign (which aggressively supports US companies and technologies), our efforts actually increase the likelihood of a strategic reserve for cryptocurrencies (which includes Bitcoin).
– Brad Garlinghouse (@bgarlinghouse) January 23, 2025
Immediately after exchanging words on X, President Donald Trump signed an executive order to create a dossier National Digital Asset Stock. Earlier, the president ruled out a single asset reserve as other altcoins, including XRP, were preferred in the list.
The Trump presidency is fulfilling its election promises
The announcement of a national digital asset stock is a big boost for the cryptocurrency industry. While this is causing discontent among Bitcoin users, the president is largely fulfilling his campaign promises for the digital currency ecosystem.
On Inauguration Day, the White House appointed Mark Ueda acting chairman of the U.S. Securities and Exchange Commission. The President also appointed Carolyn Pham as Chair of the Commodity Futures Trading Commission (CFTC). Both regulators are pro-cryptocurrencies and have been endorsed by industry leaders.
As one of his first acts in office, Ueda created a file Cryptography Task Force Led by Hester Pearce to drive the regulatory agenda in this sector.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to drive public acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to popular media and websites based on blockchain technology. Benjamin Godfrey is a sports and farming enthusiast. Follow him X, LinkedIn
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