President Donald Trump was reportedly misled into endorsing Ripple’s XRP token as part of a proposed U.S. strategic cryptocurrency reserve, following a suggestion from a lobbyist associated with Ripple Labs.
According to a May 8 report by Politico, an employee of pro-Trump lobbyist Brian Ballard provided President Trump with a draft social media post recommending the inclusion of XRP, Solana (SOL), and Cardano (ADA) in a national crypto reserve. Trump subsequently shared the message on his Truth Social platform on March 2. It was only after the post went live that Trump learned of Ballard’s connection to Ripple, leading to his reported frustration and a decision to distance himself from the lobbyist.
Despite the initial misstep, President Trump proceeded to formalize the concept of a “Digital Asset Stockpile” by signing an executive order on March 6. This move signaled a shift in his administration’s approach to digital assets, aiming to position the United States as a leader in the cryptocurrency space.
Ripple’s ties to the Trump administration extend beyond this incident. Stuart Alderoty, Ripple’s chief legal officer, contributed over $300,000 to pro-Trump fundraising efforts during the 2024 election cycle. Both Alderoty and Ripple CEO Brad Garlinghouse met with then-President-elect Trump in January and attended his inauguration events. Additionally, Ripple donated $5 million worth of XRP to Trump’s inaugural fund and has been a significant contributor to Fairshake, a political action committee supporting pro-crypto candidates.
Following the announcement, XRP’s market performance remained relatively stable. As of the latest data, XRP is trading at approximately $2.31, reflecting a modest increase of 6.45% over the previous 24 hours.
The incident underscores the complex interplay between political influence and the cryptocurrency industry, highlighting the need for transparency and due diligence in policy-making processes.
