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Ripple Accused of Blocking Strategic Bitcoin Reserve while Senator Lummis Set to Lead Crypto Taskforce
- Trump’s executive order establishes a working group to explore a digital asset reserve without explicit Bitcoin focus.
- Riot Platforms VP Pierre Rochard accuses Ripple of lobbying against Strategic Bitcoin Reserve to promote diverse crypto interests.
- Senator Cynthia Lummis is reportedly going to lead the digital assets subcommittee, pushing for bipartisan legislation and a potential Bitcoin reserve.
As President Trump has just signed an executive order to establish a working group on the potential of a US digital asset reserve, the crypto community has noted the absence of any mention of Bitcoin.
And some seem to blame Ripple for a shift in focus from the OG crypto to altcoins. Pierre Rochard, vice president of Riot Platforms, claims that Ripple is actively lobbying against a Strategic Bitcoin Reserve (SBR).
The biggest obstacle for the Strategic Bitcoin Reserve is not the Fed, Treasury, banks, or Elizabeth Warren. It’s Ripple/XRP. They are aggressively lobbying against the SBR by throwing around $millions at politicians, desperately trying to derail it.
Pierre Rochard, vice president of Riot Platforms Throwing around money to curry favour with politicians? Colour me shocked…
Ripple CEO Refutes Claims of Working Against SBR
Rochard claims Ripple is lobbying against the Strategic Bitcoin Reserve to promote central bank digital currencies and a diversified crypto approach.
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, vice president of Riot Platforms Ripple CEO Brad Garlinghouse defended his company’s approach, saying they actually are in favour of a crypto reserve, which includes Bitcoin.
Trump has also reversed a controversial Biden directive to look into a US digital currency, aka CBDCs. Trump claims such central digital currency threatens US stability and “individual privacy, and the sovereignty of the United States”. His order bans the creation, issue or circulation of a CBDC in the US.
Senator Lummis to Lead Senate Panel on Digital Assets
Meanwhile, on the regulatory front, the US Senate Banking Committee has finalised its roster for the upcoming crypto regulatory season.
Senator Cynthia Lummis will spearhead the Senate Banking Subcommittee on Digital Assets in the 119th Congress.
Lummis has been a strong supporter of bipartisan legislation to establish a legal framework for digital assets. Her key proposal is the creation of a Strategic Bitcoin Reserve to strengthen the US dollar and financial security in the digital economy.
She said “digital assets are the future”, and urged that “Congress must act swiftly” to ensure the US remains a global leader in financial innovation.
I am honored to lead this historic subcommittee and look forward to advancing bipartisan legislation that strengthens our financial future.
Senator Cynthia Lummis The Subcommittee’s main responsibilities are twofold:
- Pass bipartisan digital asset legislation protecting consumers and promoting innovation, including “market structure, stablecoins and a strategic bitcoin reserve”.
- Conduct robust oversight of financial regulators to prevent discriminatory enforcement practices and ensure “Operation Chokepoint 2.0 never happens again”.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
