Home arrow-bc News arrow-bc How a Ripple Lobbyist Allegedly Tricked Trump Into Promoting XRP

How a Ripple Lobbyist Allegedly Tricked Trump Into Promoting XRP

Bitscreener.com (18).png
According to a May 8 report by Politico, Donald Trump was misled into endorsing XRP, Solana, and Cardano in a proposed national cryptocurrency reserve by an employee of a lobbying firm connected to Ripple Labs. The revelation has fueled controversy over crypto lobbying tactics and the former president’s ties to the blockchain industry.

Read also:

On March 2, former President Trump announced plans for a U.S. crypto reserve featuring tokens like XRP, using text reportedly suggested by a staffer from Brian Ballard’s lobbying firm, which represents Ripple Labs. The revelation sparked backlash and underscored the rising influence of crypto lobbying on policy discourse.

Trump Reportedly Misled by Ripple-Linked Lobbyist

A staffer from Ballard Partners, a pro-Trump lobbying firm with Ripple Labs as a client, allegedly provided the exact text of the crypto reserve post to Trump. The message, posted on March 2, included references to XRP, Solana, and Cardano. After learning of the Ripple connection, Trump was reportedly “furious” and vowed to distance himself from Brian Ballard, saying he was "not welcome in anything anymore."

***1896220441167167647***

Ripple’s Political Donations and Influence in Trump’s Circle

Ripple Labs has made significant financial contributions to Trump-related political causes. Stuart Alderoty, Ripple’s Chief Legal Officer, donated over $300,000 to pro-Trump entities, while Ripple itself donated $5 million in XRP to Trump’s inaugural fund. Both Alderoty and Ripple CEO Brad Garlinghouse reportedly met with Trump in early 2024, underlining Ripple’s strategic political positioning.

Trump Moved Forward on Crypto Reserve Despite Controversy

Despite the uproar, Trump moved forward with the idea. On March 6, just four days after the social media post, he signed an executive order creating a “Digital Asset Stockpile.” This official move shows Trump’s broader interest in shaping U.S. cryptocurrency policy, even though the XRP post incident raised internal alarms. Interestingly, XRP’s price increased about 5% within 24 hours of the May 9 report, reaching $2.31, though it remained relatively stable in the wake of the controversy.XRP's price increased 5% on May 9 (BitScreener)

Explore more crypto insights with our Bitscreener Exclusive

Stay updated with daily hot news on Trending New

Related topics