Report: Trump Unknowingly Promoted XRP in Crypto Reserve Plan
Former U.S. President Donald Trump was reportedly misled by a lobbyist with ties to Ripple Labs into promoting XRP as part of a national cryptocurrency reserve. According to a Politico article published on May 8, someone working for pro-Trump lobbyist Brian Ballard gave Trump a suggested social media post that mentioned a strategic U.S. crypto reserve including XRP, Solana (SOL), and Cardano (ADA). Trump shared the post on March 2 via his social media platform, but later discovered that Ripple was one of Ballard’s clients. This revelation allegedly left Trump feeling deceived and angry, with sources saying he no longer wants to associate with Ballard.
Trump’s link to Ripple goes back further than the March post. Stuart Alderoty, Ripple’s chief legal officer, contributed over $300,000 to pro-Trump political efforts ahead of the 2024 election. Both Alderoty and Ripple CEO Brad Garlinghouse met with Trump in January, shortly before his inauguration, and attended related events. Additionally, Ripple gave $5 million worth of XRP to Trump’s inaugural fund and has supported Fairshake, a political action committee (PAC) that backs pro-crypto candidates. A Fairshake spokesperson confirmed the PAC plans to remain active through the 2026 midterm elections.
Just days after the social media post, Trump took official action by signing an executive order on March 6 to create a “Digital Asset Stockpile,” signaling potential government involvement in digital assets. The XRP price did not show a major shift in response to the May 8 article, hovering around $2.23 with a 5% gain in the previous day.
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