In early March, President Donald Trump announced the establishment of a strategic cryptocurrency reserve fund, fulfilling his promise to make the United States the cryptocurrency capital of the world. However, the announcement on Truth Social sparked some controversy. Reports indicate that the President was angry because the announcement was drafted by a lobbyist with ties to Ripple.
Did Ripple influence the President's statement?
A recent report from Politico has drawn attention to this announcement, as it identified XRP, Solana, and Cardano as the digital assets to be included in the cryptocurrency reserve. This announcement did not include Bitcoin and Ethereum.
Trump stated in the post that this initiative would be part of an executive order aimed at ensuring the United States' leadership position in the cryptocurrency space. According to Politico, the language used in that post was drafted by a staff member of Ballard Partners, a lobbying firm that considers Ripple one of its clients.
Trump reportedly did not know at the time that this proposal came from a group representing Ripple's interests. After being informed, he felt surprised. Those close to the situation told Politico that this revelation angered the president, as he viewed the move as a manipulation of his public platform.
The collapse of the lobbying group and tension in the White House
Brian Ballard, head of the related lobbying firm, saw his standing in Trump's political circle significantly diminish after the incident. Although Ballard is known as a reliable insider and an effective fundraiser, sources say his connection to Ripple and the post led to him being sidelined in Trump's orbit.
Nevertheless, Politico notes that Ballard Partners continues to expand its client list due to the firm's reputation. The company has secured over one hundred new contracts since the 2024 election, including major corporations like Netflix, Bayer, and JP Morgan, and over $14 million in revenue since the beginning of 2025.
Ripple, XRP, and market impact
Although Ripple does not control XRP, some in the cryptocurrency space may view this post as an endorsement due to the company's connection to the asset. Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty also met with the president in January, adding to this alleged endorsement.
The cryptocurrency market reacted quickly to Trump's initial message, with the prices of XRP, Solana, and Cardano rising significantly following Trump's announcement. When approached, Ripple did not comment on the matter, and Ballard Partners also declined to respond to Politico's request.
After the incident, Trump revised his stance, indicating that the proposed reserves would include Bitcoin and Ethereum. Later that month, he signed an executive order establishing the United States' Strategic Bitcoin Reserve, signaling ongoing interest in digital assets.