Riot Platforms exec slams Ripple for sabotaging strategic Bitcoin reserve

A Riot Platforms exec accuses Ripple of lobbying against the Strategic Bitcoin Reserve to protect its XRP narrative and promote state-controlled digital currencies.

Pierre Rochard, a vice president at Riot Platforms, has accused Ripple of leading a major lobbying effort to derail the Strategic Bitcoin Reserve, claiming the company is still throwing millions of dollars at politicians “desperately trying to derail it.”

In an X post on Jan. 23, Rochard argued that Ripple shows no signs of slowing down to defend its XRP-based narrative while pushing for state-backed digital currencies. He also pointed out that Ripple has previously targeted Bitcoin mining efforts under the Biden administration.

“They did the same to attack bitcoin mining under the Biden administration. Obviously they want to protect their marketing narratives and push for CBDCs built on their platform.”

Pierre Rochard

Ripple’s chief executive Brad Garlinghouse was quick to hit back, defending his company’s actions. He pointed out that Ripple’s efforts align 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 specific figures regarding Ripple’s lobbying expenditures related to the Strategic Bitcoin Reserve initiative are not publicly available, the company has been known to invest significantly in lobbying efforts. In 2023, Ripple spent approximately $940,000 on lobbying activities, per data from OpenSecrets.

In 2024, Reuters reported that the crypto industry, with big names like Coinbase and Ripple, dropped over $119 million supporting pro-crypto U.S. congressional candidates, aiming to get lawmakers who’ll push for bills that back digital assets.