Ripple Labs finds itself in the spotlight as it is accused of spending significant funds to lobby against the proposed Strategic Bitcoin Reserve (SBR). Pierre Rochard, Vice President of Research at Riot Platforms, alleges that the company is making substantial efforts to influence political leaders to thwart these plans.
What Are the Allegations Against Ripple Labs?
Rochard claims that the real hurdle in establishing the SBR does not stem from federal entities like the Federal Reserve or the U.S. Treasury. He asserts that Ripple Labs, prioritizing its own cryptocurrency XRP, is the main force lobbying against the reserve. According to him, the firm has invested millions to sway policymakers from supporting the SBR.
How Does Ripple’s CEO Respond?
Ripple’s Chief Executive Brad Garlinghouse countered Rochard’s accusations, suggesting that they may misinterpret the fundamental principles guiding political campaigns, particularly Donald Trump’s. He argued that Ripple’s initiatives could actually bolster the chances of establishing a strategic reserve, which might include Bitcoin.
Trump’s new executive order aims for the national storage of digital assets on the X platform, potentially benefiting various cryptocurrencies, including XRP. This move is seen as a pivotal moment for the cryptocurrency sector, aligning with Trump’s campaign commitments focused on digital currencies.
After his election, Trump appointed Mark Uyeda as interim head of the SEC and Caroline Pham to lead the CFTC. Both appointments have been favorable toward the crypto industry, raising further questions about Ripple Labs’ strategies in response to these regulatory changes.
- Ripple Labs is accused of lobbying against the Strategic Bitcoin Reserve.
- Pierre Rochard claims Ripple invests millions to influence policymakers.
- Ripple CEO suggests lobbying efforts could support a Bitcoin reserve.
- Trump’s executive order supports digital asset storage, possibly benefiting XRP.
The tensions between Ripple Labs and the push for a Strategic Bitcoin Reserve highlight the ongoing complexities within the cryptocurrency landscape, prompting stakeholders to closely evaluate the potential consequences for the industry ahead.
