Ripple CEO Brad Garlinghouse is apparently being seriously accused by Pierre Rochard, VP of Research at Riot Platforms.
According to Rochard, Ripple is trying to prevent the creation of a Strategic Bitcoin Reserve (SBR). Rochard argues that Ripple is now using its resources, via lobbying politicians, to stop the Bitcoin focused reserve from becoming a reality.
He thinks Ripple just wants to serve its agenda; it wants to make sure its own coins are also in the crypto reserves and even wants to promote central bank digital currencies (CBDCs).
The controversy began as people talked about the SBR, a national reserve of Bitcoin, in which the U.S. reserves Bitcoin as a digital asset to strengthen the U.S. economy. It’s either viewed as a way to bitcoin as gold, or as a more diversified reserve consisting of different cryptocurrencies.
Rochard also argues that rather than support Bitcoin, Ripple’s main goal is to protect the cryptocurrency it created (XRP). He notes that Ripple in particular has also looked at Bitcoin mining, particularly under the Presidency of Biden, as part of the company’s wider efforts to divert the attention away from Bitcoin.
But Garlinghouse disagrees with these allegations. Ripple isn’t antithetical to this idea of a crypto reserve — but instead, he says, it should be a crypto reserve of multiple digital assets, including bitcoin.
Additionally, Ripple’s actions may actually do more to move the creation of a national digital asset stockpile closer to reality. As proof that Ripple’s ongoing work fits in with that broader crypto reserve fight, Garlinghouse points to President Trump’s recent executive order on fostering American tech, which includes cryptocurrency.
The debate reflects the differences in the crypto world between Bitcoin fanatics and the less fanatical types who would like to see a more inclusive digital currency reserve space.
The future of the Strategic Bitcoin Reserve is unclear as the U.S. government considers building a digital asset stockpile.
Also read: Vitalik Buterin Shares Strategy to Scale Ethereum and Strengthen ETH
