Ripple didn’t fund Bitcoin ‘Change the Code’ campaign, Ripple co-founder Chris Larsen confirms

Chris Larsen, co-founder of Ripple, has clarified that the company was not behind the funding of the controversial “Change the Code” campaign. The initiative, in partnership with Greenpeace, set out to pressure the Bitcoin community into dumping its energy-intensive proof of work (PoW) consensus model.

Larsen added that he supported the campaign personally rather than as a corporate action by Ripple. He also cited progress in Bitcoin’s energy profile. He referred to a University of Cambridge study that points out that mining today uses large increments of renewable energy, including nuclear, wind, and hydropower. In addition, more flared gas energy that would otherwise go to waste is being used to power mining operations.

Despite that, the campaign continues to fuel criticism. The initiative is deemed anti-Bitcoin by many in the Bitcoin community, with some accusing Ripple of pushing it as a way to plant a seed of doubt within the Bitcoin network and promote XRP instead.

In early 2023 when I funded the “Change the Code” campaign, my goal was to see if there was a way to turn Bitcoin into an accelerator for direct air capture. The campaign didn’t work, and that’s ok! Note – Ripple did not fund this campaign.

Bitcoin’s energy transition in the… https://t.co/qIcadDtzDu

— Chris Larsen (@chrislarsensf) May 28, 2025

Ripple’s symbolic donation sparks controversy

The latest donation made by Ripple of the ‘Skull of Satoshi’ to the Bitcoin community has stirred both praise and criticism as well. The artwork, once used as Bitcoin’s energy consumption ultimatum, was officially handed over at the 2025 Bitcoin Conference in Las Vegas. Currently, it’s on display in the Bitcoin Museum in Nashville.

Ripple CEO Brad Garlinghouse called the gesture an olive branch. According to him, Bitcoin serves as a resilient system and advises the crypto industry to adhere to common goals, including innovation, regulatory clarity, and financial inclusion. Garlinghouse said he hoped the donation would be a reminder that the industry’s different communities have more in common than not.

Although there have been disagreements in the past, Garlinghouse said that Ripple’s current stand is to collaborate with the industry rather than compete. Top executives at Ripple have also publicly denied the charges that the company lobbied against having a Strategic Bitcoin Reserve (SBR) in the United States. Ripple has also said that it supports a multi-asset approach to the national crypto reserve structure.

Not everyone shared the sentiment. Head of Digital Assets at VanEck Matthew Sigel slammed the move. Sigel dismissed the sculpture and instead demanded a formal apology for Ripple funding Greenpeace’s anti-Bitcoin efforts, asking him on X, “Is that your apology?”

Some criticized the popular XRP lawyer John Deaton for attending Bitcoin 2025, referring to him as an “XRP guy.” David Schwartz, Ripple CTO, also argued back at Bitcoin maximalists that XRP is not centralized as the ledger is without an issuer and remains decentralized even with Ripple’s influence.

XRP price stagnates despite VivoPower boost

Market response to Ripple’s outreach has been lukewarm. Despite the recent developments, XRP traded at $2.29, more than 5% down for the week. Yet, it has done little to move XRP. Over the past week, the token traded at $2.24 to $2.47, appearing to consolidate. The trading volume was up 28% to $2.63 billion. 

Also, the onchain volume of XRP has surged, up 21.7% over the last day. While CoinGlass’s data also shows derivatives volume surged 20.2% to $3.95 billion, open interest dropped 0.95% to $4.78 billion, indicating a mixed sentiment among leveraged traders.

Technical indicators lack near-term momentum. The Relative Strength Index (RSI) is at 46 in neutral territory. The 100- and 200-day SMAs remain above current prices, but the 10 – and 30-day EMAs and SMAs all flash sell signals. A rally above $2.40 could send the exchange rate toward $2.60, but a decline under $2.24 could lead to $2.10.