Ripple’s CEO, Brad Garlinghouse, came out to debunk allegations that the company is lobbying against Bitcoin in a recent post on
Pierre Rochard, Vice President of Riot Platforms, opposed Ripple’s authority to decide whether to create a Bitcoin reserve. According to Rochard, pressure from Ripple is the main factor hindering the creation of a strategic Bitcoin reserve.
He said that Ripple is desperately trying to sabotage the plan, which could lead to the creation of a national Bitcoin reserve. Pierre stated, “It’s Ripple/XRP. They are lobbying hard against SBR by throwing millions of dollars at politicians, in a desperate attempt to derail it.”
Roshard’s view aligns with a section of the cryptocurrency community, especially those who view Bitcoin as a stand-alone digital commodity competing with gold. in answer, Garlinghouse noted that the company’s goal is to promote the creation of a multi-token reserve, not just Bitcoin. This is in contrast to Bitcoin supporters who consider Bitcoin one of the leaders in the cryptocurrency market.
“Our efforts actually increase the likelihood of a strategic reserve for cryptocurrencies (which includes Bitcoin).”
Garlinghouse
New executive orders from the president
Further complicating the situation, President Donald Trump signed an executive order creating the Presidential Task Force on Digital Asset Markets. It requires the group to develop federal rules for digital assets such as stablecoins and consider creating a national reserve for digital assets. Rumors have increased that the reserve could be in the form of Bitcoin.
The executive order also states that this stock can be developed using digital assets seized by the federal government through law enforcement. Based on Arkham data, the US government has $21 billion worth of seized cryptocurrencies, with Bitcoin being the most popular asset, with over 198k BTC in its wallets. This could be used for a national reserve.
This potential for Bitcoin’s strategic reserve has been accelerated by the appointment of Cynthia Lummis, a Bitcoin-supporting senator, as the new chair of the Senate Banking Subcommittee on Digital Assets. Loomis noted that the subcommittee will focus on passing a bipartisan bill to support the proper development of digital assets and studying the creation of a Bitcoin reserve.
In it advertisementLoomis also pledged to strengthen oversight of federal financial regulators to stop the recurrence of policies like Operation Chokepoint 2.0. Loomis said she plans to promote crypto-friendly policies and perhaps even create a bitcoin reserve.
Changpeng Zhao, former CEO of Binance, also expressed his opinion on the matter and said that the creation of a Bitcoin reserve is “pretty much a certainty.” The price of Bitcoin rose 2% to $106,300, although it is currently trading at around $103,000.
The US Strategic Bitcoin Reserve is largely confirmed.
Cryptocurrencies are moving at crypto speed again. https://t.co/8qWlt65ARE
— Czechoslovakia 🔶 BNB (@cz_binance) January 23, 2025
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