Pierre Rochard, Vice President of Research at Riot Platforms, has alleged that Ripple, a prominent blockchain company, is investing millions of dollars in lobbying efforts to hinder the progress of a proposed U.S. Bitcoin Strategic Reserve (SBR) plan. In a detailed analysis posted on social media, Rochard claimed that Ripple’s opposition poses a greater challenge to the plan than federal institutions, financial regulators, or even key political figures such as Senator Elizabeth Warren.
The best takedown of Ripple/XRP on this website.
— Pierre Rochard (@BitcoinPierre) January 23, 2025
It's not a cryptocurrency and has no use case 👇 pic.twitter.com/fvJvhEgvHh
Millions in Lobbying Expenditures
According to Rochard, Ripple has directed more than $5 million in lobbying expenses over the past six months to influence policymakers. This effort, he argues, seeks to derail the SBR initiative, which would aim to establish Bitcoin as a strategic financial reserve to safeguard national economic stability. The plan has garnered support among Bitcoin advocates who view it as a way to bolster U.S. economic resilience amidst global financial turbulence.
Ripple CEO Brad Garlinghouse responded to Rochard’s allegations, asserting that Ripple’s activities are misrepresented. Garlinghouse stated, “Ripple’s advocacy is focused on creating a balanced environment where multiple cryptocurrencies, including Bitcoin, can coexist within the strategic reserve framework.” He further emphasized that this aligns with pro-business policies championed by former President Donald Trump, which prioritize innovation in the U.S. technology sector.
Questioning Ripple’s Motives
Rochard doubled down on his criticism, questioning whether Garlinghouse personally holds XRP, Ripple’s native cryptocurrency, or whether he primarily benefits from selling the token. Rochard also highlighted Ripple’s history of lobbying during the Biden administration to restrict Bitcoin mining, suggesting that the company was attempting to pave the way for central bank digital currencies (CBDCs) built on Ripple’s infrastructure.
Public records reveal that Ripple spent $2.4 million in the fourth quarter of 2024 alone on federal lobbying efforts, a figure that has drawn scrutiny from both cryptocurrency advocates and policymakers. Critics argue that Ripple’s actions could undermine broader efforts to establish decentralized financial systems and promote Bitcoin’s adoption as a global reserve asset.
The U.S. Bitcoin Strategic Reserve plan, initially proposed in early 2024, has faced mixed reactions. Proponents argue that Bitcoin’s decentralized nature makes it an ideal asset for a reserve system resistant to geopolitical risks. However, opponents, including environmental activists and certain financial institutions, cite concerns about Bitcoin’s energy consumption and price volatility.