Ripple CEO Brad Garlinghouse has taken to the X social media network to address accusations of lobbying against Bitcoin.
Garlinghouse claims that his company's efforts are actually increasing the likelihood of a strategic cryptocurrency reserve happening.
Pierre Rochard, vice president at mining giant Riot Platforms, has argued that Ripple is supposedly the biggest obstacle to the creation of the strategic Bitcoin reserve.
Rochard claims that the enterprise blockchain company, which is linked to the controversial XRP cryptocurrency, is "desperately" trying to derail the reserve with aggressive lobbying.
Garlinghouse's response suggests that Ripple is actually advocating for a multi-token reserve. This will not sit well with Bitcoin proponents who see the flagship cryptocurrency as a digital alternative to gold.
"Pretty much confirmed"
In the meantime, Changpeng Zhao, the former CEO of the Binance exchange, has said that a strategic Bitcoin reserve is "pretty much confirmed."
"Crypto moving at crypto speed again," the cryptocurrency mogul has added.
This comes after Senator Cynthia Lummis of Wyoming was picked to chair the new Senate subcommittee on digital assets.
Lummis, a longtime cryptocurrency proponent, introduced her legislation aiming to create a 1-million-unit Bitcoin reserve last year.
Despite facing substantial criticism from crypto naysayers, the initiative has managed to gain significant traction.
According to Polymarket bettors, there is a 48% chance of a strategic Bitcoin reserve being created during the following three months.
It has been reported that a working group is set to evaluate the creation of a national cryptocurrency reserve.
