Authors: Rachael Bade & Caitlin Oprysko, POLITICO
Compiled by: Tim, PANews
PANews editor's note: On March 2, it was reported that Trump announced on his "Truth Social" platform that he instructed the presidential task force to advance a cryptocurrency strategic reserve, including XRP, SOL, and ADA. While the cryptocurrency community was excited, they were also puzzled as to why BTC, ETH, and other valuable coins were not included in the strategic reserve. It wasn't until the next day, March 3, that Trump stated the cryptocurrency reserve would also include BTC and ETH. The cryptocurrency community remains perplexed by this "mix-up"; on May 8, the prominent political media outlet POLITICO provided an explanation and revealed the insider story behind this cryptocurrency reserve post, involving Trump's inner circle and several senior White House officials.
On a Sunday morning in early March, Trump posted a message on Truth Social promoting a "cryptocurrency strategic reserve." A few hours later, he realized he seemed to have been played.
That weekend at Mar-a-Lago, an employee of the lobbying firm run by Brian Ballard attended a fundraising event at the estate. She repeatedly interrupted the president to lobby him about her desire to promote the gaming industry, even handing him a draft tweet template she had prepared.
Trump only realized after posting on social media that a cryptocurrency project mentioned in the text was backed by Ripple Labs, a client of Ballard. According to two anonymous insiders, Trump was furious and claimed he had been used.
He told White House staff that month: "Ballard is not to be involved in any matters moving forward." Insiders revealed that the president specifically mentioned a ban on Ballard during the conversation.
Since then, Ballard has become an unwelcome figure in the White House.
Since Trump's return to Washington, Ballard has established himself as a leading lobbyist in the political arena. Reports about his company are frequently mentioned, and he has employed White House Chief of Staff Susie Wiles and Attorney General Pam Bondi. The reports always emphasize his longstanding relationship with Trump; Ballard has intermittently represented the Trump Organization for years and has been a major fundraiser for Trump's presidential campaign.
As a lobbyist capable of conveying messages to Trump, Brian Ballard's firm has astonishingly secured 130 new clients since the U.S. elections last November, including corporate giants such as Chevron, JPMorgan, Palantir, Netflix, Bayer, United Airlines, and T-Mobile. In April of this year, Axel Springer, the parent company of POLITICO, also hired Ballard's firm to communicate and lobby with the Trump administration.
Ballard's company generated revenue of $14 million in the first three months of 2025, more than three times its lobbying revenue during the same period last year.
However, there is a significant gap between Ballard's reputation and the current view of him by the White House.
A photo of Trump taken on inauguration day hangs on the wall of Brian Ballard's newly established office in Washington D.C. The photo was taken by POLITICO photographer M. Scott Mahaskey on March 13, 2018, in his office.
According to three knowledgeable sources, following the cryptocurrency post incident, Ballard has been at least temporarily excluded from the White House inner circle, and White House staff have been instructed not to meet with him. However, five individuals close to Trump indicated that the dissatisfaction with Ballard extends beyond this. Some White House officials believe he is exploiting Trump's reputation for profit and wildly exaggerating his relationship with the president and Wiles, which is not as close as he claims.
Another ally close to Trump stated: "A common practice that annoys Trump is making him feel like you are exploiting his reputation." This ally also pointed out that Ballard always exaggerates his status and role.
Trump understands that lobbyists are there to make money; he is well aware of this. But the problem is, does Ballard have to flaunt it so openly?
The White House declined to comment.
In a statement, Ballard said he and his company "have long been accustomed to false accusations from anonymous sources due to the successes of the company." He told POLITICO that he has never solicited clients by boasting about his relationships with White House personnel and also refuted claims that he has been marginalized.
There are signs that he has not completely severed ties with the White House: POLITICO reviewed invitations to Trump fundraising events sent to Ballard since the March incident, as well as a record of calls arranged with senior officials of the Trump administration. Additionally, clients represented by Ballard still have opportunities to meet with senior government officials; for instance, earlier this week, the president met with executives from the National Football League, which is one of Ballard's clients.
"Despite the efforts of these anonymous sources, Ballard Partners will continue to provide outstanding results and efficient agency services for our clients, which is the commitment we have upheld for twenty-five years," he stated.
As for the Truth Social incident, a colleague of Ballard stated that they never attempted to mislead the president on the matter of the letters.
However, this situation seems to have caused some business troubles for Ballard. According to two insiders, some of Ballard's clients have reached out to other Trump allies in an attempt to meet with the president or his inner circle.
Others close to the inner circle have been even more outspoken.
"Ballard presents himself as a universal lobbyist with unobstructed access to the Trump administration, but that is simply not the case," one of four knowledgeable sources pointed out.
New business craze
Since Trump won the election in November, Ballard's firm has seen explosive growth in new business, especially as Trump has launched a full-scale offensive against his perceived political enemies using the overwhelming influence of the presidency.
Ballard's clients achieved some results during Trump's presidency. Last fall, TikTok hired the company, benefiting from Trump's temporary commitment not to enforce the ban, and it continues to operate in the U.S. Another client of Ballard, BMW, will benefit along with the entire automotive industry as Trump announced a pause on some tariffs last week.
One of the company's first clients in Washington was Reynolds American, a giant in the tobacco industry, which produces the best-selling menthol cigarettes in the U.S. and had bet everything on Trump in last year's presidential election. This bet paid off just days after Trump's new government took office—Trump withdrew the proposal to ban menthol cigarettes.
The American cryptocurrency company Ripple Labs was mentioned in Trump's cryptocurrency-related announcements, and its issued XRP token is also related. Notably, the highest financial regulatory agency during the Trump administration has now dropped an appeal against a landmark enforcement action against the company. (PANews note: On May 9, it was reported that Ripple and the U.S. Securities and Exchange Commission (SEC) reached a settlement agreement, planning to withdraw the lawsuit with a $5,000 payment.)
Ballard has also been a "fundraising powerhouse" for the president. As a wealthy fundraiser, he has served as the finance chair for every Republican presidential candidate in Florida since John McCain's campaign in 2008. He raised tens of millions of dollars for Trump's presidential campaign and the political action committees he supports, and he previously served as the finance vice-chairman of Trump's 2016 inauguration committee.
Shortly after Trump was inaugurated in 2017, Ballard opened his company in Washington D.C. At that time, business leaders and world leaders were eager to understand this political newcomer taking over the White House. In his first year in Washington, he quickly accumulated numerous prominent clients, and Ballard Partners became one of the top-grossing lobbying firms on K Street (the hub for lobbying firms in Washington).
The company's lobbying revenue declined after Trump left office, but Ballard's lobbying group remains competitive despite having many lobbyists with Democratic backgrounds against other established lobbying firms in Washington.
Ballard Partners' office in Washington is the company's first branch outside of Florida. Today, the firm has established offices in nearly a dozen cities across three continents. Last year, Ballard launched a series of strategic partnerships with numerous government affairs firms globally, with partners spanning Canada, Japan, South Korea, Latin America, the UK, and Italy.
The tangled past between Ballard and White House Chief of Staff Wiles
In some ways, there has always been a disparity between Ballard and the top lobbyists of the Trump administration, closely tied to his past entanglements with the president's Chief of Staff. Many Trump administration insiders who admire Wiles believe that while Florida Governor Ron DeSantis was trying to destroy Wiles's career, Ballard pushed her out of his own company.
Wiles worked at Ballard Partners in Florida for many years before leaving in 2019 due to health issues. At that time, reports indicated that Governor DeSantis had spread the word claiming he had instructed Ballard to fire her. However, both Ballard and Wiles state that her departure had nothing to do with DeSantis.
Some people believe that their relationship has improved since then. According to two close individuals, when Ballard gradually integrated into the team during the 2024 campaign, Wiles showed a positive attitude and was unwilling to hold a grudge. More importantly, the funds he injected into Trump's campaign treasury were particularly welcomed.
"Susie puts the campaign first," said one of Trump's confidants.
White House Chief of Staff Susie Wiles appeared in the White House Rose Garden before the "Make America Prosperous Again" event on April 2, 2025. — Francis Chung, POLITICO
Nevertheless, many core members of Trump's inner circle, while loyal to the Chief of Staff, remain skeptical of him.
"People won't forget (the grudges from the past)," said one of Trump's allies.
Ballard stated in a statement: "Susie Wiles has been, is, and will always be my dear friend, even after we exit the political scene. Any contrary claims are false."
Ballard's client list has also raised some eyebrows within the White House. He recently signed collaboration agreements with Harvard University and National Public Radio, both of which had previously faced public criticism from the president.
However, the "Truth Social" incident marked a turning point. That weekend, Ballard's employee repeatedly urged Trump to issue that statement.
"Previously he (Trump) had been dodging her (Ballard's employee), but when she kept pestering him, he simply handed it off to an assistant to deal with," described one person familiar with the situation.
According to three individuals familiar with the situation, just minutes after the president released the news, White House cryptocurrency affairs chief David Sacks angrily called Wiles to complain. At the time, the White House was preparing to hold a cryptocurrency summit in Washington the following week, and it seemed inappropriate for the president to single out certain companies while ignoring others.
Wiles did not accompany the president that morning, and David Sacks began calling around to inquire about the situation. Soon after, White House officials realized that one of the clients mentioned in a Truth Social post was indeed Ballard's, and that the tweet had not even mentioned Trump's newly launched cryptocurrency company.
Trump later added the names of other cryptocurrency companies in a second "Truth Social" post, continuing to follow up on the matter. But it was too late, and Trump was livid.
Trump's aides were also very angry, accusing Ballard of sending his own employees to push Trump to promote products for his clients. One of the president's senior aides even called Ballard to angrily berate him.
