Ripple CEO Brad Garlinghouse has publicly denied allegations that his company has been working to obstruct the strategic Bitcoin reserve plans proposed by major crypto entities.
Pierre Rochard, vice president at mining giant Riot platforms, made the claim, noting that the primary challenge for the strategic Bitcoin reserve (SBR) is not the Fed, Treasury, banks, or even Elizabeth Warren. Instead, it is Ripple and its native token, XRP.
In addition, he noted that Ripple has been fiercely opposing the SBR by spending millions of dollars on lobbying efforts to influence politicians and disrupt its progress. The executive also explained that under Biden’s administration, Ripple employed a similar strategy to target Bitcoin mining to protect its marketing narratives and promote the adoption of CBDCs built on its platform.
Garlinghouse Addresses Allegation on Bitcoin Reserve Plans
In response to Rochard, Garlington addressed the allegations, noting that Ripple’s efforts are increasing the likelihood of a crypto strategic reserve, including BTC.
“Unless you are choosing to ignore the core tenets 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,” Ripple CEO said.
Garlinghouse also highlighted Ripple’s long-standing advocacy for transparency and fair regulatory frameworks for digital assets, further distancing the company from any suggestion of underhanded tactics.
The Bitcoin Reserve Initiative
The SBR concept, proposed by prominent blockchain and crypto companies, aims to enable institutional investors to use Bitcoin as collateral in their operations. This would expand Bitcoin’s utility beyond individual investors and enhance its presence in the broader financial system.
The debate over Bitcoin reserve plans is just one of many conflicts arising in the fast-changing crypto space. As regulatory oversight intensifies, competition between blockchain projects heats up, and opinions differ on how digital assets should be incorporated into traditional finance.
As the plan for a crypto reserve continues, Texas State Senator Charles Schwertner recently proposed a bill during the new legislative session to create a strategic Bitcoin reserve in Texas.
The state senator noted that Texas should establish a strategic Bitcoin reserve. If the bill, SB 778, is passed and signed, it would make Texas the first state in the nation to do so.
