U.S. President Donald Trump was reportedly misled by a lobbyist connected to Ripple Labs into endorsing $XRP
XRP as part of a proposed national cryptocurrency reserve, according to a May 8 report from Politico.
The report claims that an employee of pro-Trump lobbyist Brian Ballard drafted a social media post suggesting the creation of a U.S. strategic crypto reserve that would include #xrp , Solana ($SOL )
SOL), and Cardano (ADA). Trump allegedly shared the post on March 2 via his social media platform without knowing Ballard’s ties to Ripple. After discovering the connection, Trump was said to be furious, feeling manipulated. Two sources familiar with the matter confirmed the incident to Politico.
“He is not welcome in anything anymore,” Trump reportedly said of Ballard.
Trump’s ties to Ripple stretch back before the crypto reserve proposal. Ripple’s chief legal officer, Stuart Alderoty, donated over $300,000 to political action committees supporting Trump’s 2024 campaign. Both Alderoty and Ripple CEO Brad Garlinghouse met with Trump after he won the 2024 election and attended his inauguration events.
In addition, Ripple donated $5 million worth of XRP to Trump’s inaugural fund and is among the largest contributors to Fairshake, a political action committee backing candidates seen as supportive of the crypto industry. A Fairshake spokesperson stated in January that the PAC plans to remain active through the 2026 midterm elections.
Trump moved forward with the crypto reserve concept soon after the social media post. On March 6, just four days later, he signed an executive order establishing a “Digital Asset Stockpile.” The post promoting XRP remained online as of the report's publication.
Despite the revelations, XRP’s price showed little reaction. At the time of writing, it was trading at $2.23, up about 5% in the previous 24 hours. Coin telegraph reached out to Ripple for comment but had not received a response by publication time.
Magazine: Trump’s crypto ties raise concerns over potential conflicts of interest and insider trading.