A recent report claims that U.S. President Donald Trump was deceived by a lobbyist linked to Ripple Labs into publicly endorsing XRP as part of a proposed national cryptocurrency reserve.
According to a May 8 article by Politico, a staffer working for prominent Trump lobbyist Brian Ballard provided the president with suggested text for a social media post. The post, published on March 2, outlined plans for a U.S. strategic crypto reserve that would include XRP, Solana (SOL), and Cardano (ADA). However, Trump reportedly became furious after discovering that Ripple was one of Ballard’s clients, feeling he had been exploited.
“He is not welcome in anything anymore,” Trump reportedly said in reference to Ballard, as cited by two anonymous sources familiar with the matter.
Trump’s ties to Ripple predate the controversial announcement. Stuart Alderoty, Ripple’s chief legal officer, contributed over $300,000 to pro-Trump fundraising efforts and political action committees (PACs) ahead of the 2024 election. Both Alderoty and Ripple CEO Brad Garlinghouse met with Trump before his inauguration in January and attended related events.
Additionally, Ripple donated $5 million in XRP to Trump’s inaugural fund and has been a major backer of Fairshake, a PAC that funds media campaigns for politicians deemed favorable to the crypto industry. A Fairshake representative stated earlier this year that the group would continue its efforts into the 2026 midterm elections.
Trump Advances Crypto Reserve Plan Despite Controversy
Trump frequently tests policy ideas on social media before formalizing them. Just days after the XRP-related post—which remained active at the time of reporting—he signed an executive order on March 6 to establish a “Digital Asset Stockpile.”
The Politico report did not appear to significantly impact XRP’s market value. At press time, the token was trading at $2.23, up approximately 5% over 24 hours.
