Summary
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Reports allege that former President Donald Trump was deceptively influenced by a lobbyist with ties to Ripple Labs to announce XRP’s inclusion in a proposed U.S. strategic cryptocurrency reserve via a March social media post.
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Trump reportedly became furious upon learning of Ripple’s connection to the lobbyist’s firm, feeling manipulated despite prior significant financial contributions from Ripple executives and the company itself to his campaign and inaugural activities.
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Following the controversial social media announcement, Trump proceeded to sign an executive order on March 6 to establish a “Digital Asset Stockpile,” indicating a continued interest in national crypto reserves.
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The market price of XRP did not appear to be significantly impacted by the May 8 report detailing these allegations, and Ripple Labs had not provided a comment at the time of the original news publication.
Origin of Controversial Crypto Reserve Announcement Questioned
A social media announcement in March, outlining President Trump’s intentions to establish a strategic national cryptocurrency reserve, is now reported to have originated from an individual employed by a lobbying firm associated with Ripple Labs.
Allegations of Lobbyist Influence on XRP Inclusion
It is alleged that former U.S. President Donald Trump was influenced by a lobbyist connected to Ripple Labs to declare that the XRP token would be integral to his vision for a national cryptocurrency reserve.
Citing a Politico article published on May 8, details suggest that an associate of pro-Trump lobbyist Brian Ballard provided the then-president with specific text for a social media update.
This proposed message advocated for a U.S. strategic crypto reserve that would feature XRP, alongside Solana (SOL) and Cardano (ADA).
Trump’s Reported Anger Over Undisclosed Lobbyist Ties
Following the dissemination of this message on his social media platform on March 2, Trump subsequently became aware that Ripple was among Ballard’s clientele.
This revelation reportedly incensed the former president, who felt he had been exploited, according to Politico, which sourced this information from two individuals knowledgeable about the situation.
The report claims Trump expressed strong displeasure, remarking in reference to Ballard, “He is not welcome in anything anymore.”
Pre-existing Connections Between Trump Campaign and Ripple Executives
Prior to the contentious announcement regarding XRP’s inclusion in the proposed crypto reserve, Trump had established connections with Ripple.
The blockchain company’s Chief Legal Officer, Stuart Alderoty, had contributed over $300,000 to fundraising entities and political action committees backing Trump’s 2024 electoral bid.
Furthermore, both Alderoty and Ripple’s CEO, Brad Garlinghouse, reportedly met with Trump, then president-elect, in January and were present at inaugural ceremonies.
Ripple’s Broader Financial Support and PAC Involvement
Ripple’s engagement also included a donation of $5 million in XRP to Trump’s presidential inaugural fund.
The company has additionally been a significant financial backer of Fairshake, a political action committee (PAC) known for supporting candidates it deems “pro-crypto” through media campaigns.
A representative for Fairshake indicated in January that the PAC intended to maintain its activities through the 2026 midterm election cycle.
Official Action on Digital Asset Stockpile Followed Social Media Post
Days after the initial social media post, which was still accessible at the time of the Politico report, Trump proceeded with initiatives related to a crypto reserve.
The former president frequently utilized his social media presence to float policy ideas prior to formal White House declarations.
On March 6, approximately four days after the social media post, Trump executed an executive order to establish a “Digital Asset Stockpile.”
XRP Market Unfazed by Report; Ripple Yet to Comment
The market valuation of XRP did not seem to exhibit a notable response to the May 8 report.
At the time of publication, its price was recorded at $2.23, reflecting an approximate 5% increase over the preceding 24 hours.
Cointelegraph reportedly sought commentary from a Ripple spokesperson regarding these allegations but had not received a reply by the time their article was published.
Also Read: World Leader XRP Falls Roughly 10% in a Week
*Disclaimer*: We at Bitcoinleef.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
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