U.S. President Donald Trump’s March announcement of a proposed strategic cryptocurrency reserve, featuring XRP (XRP-USD), has spiraled into controversy. According to a Politico report from May 8, Ripple Labs allegedly used a lobbyist to manipulate Trump into promoting XRP for the reserve. This move has sparked tension, with Trump feeling betrayed by the involvement of Ripple’s political influence.
Ripple Influences Trump’s Crypto Reserve Announcement
On March 2, Trump announced plans for a U.S. crypto reserve, naming XRP alongside Solana (SOL-USD) and Cardano (ADA) as key players. However, the post was reportedly written by a lobbyist from Brian Ballard’s firm, who has close ties to Ripple. Trump’s frustration grew after he discovered Ripple was one of Ballard’s clients. “He is not welcome in anything anymore,” Trump is quoted as saying, reflecting his anger at being misled.
Ripple Leverages Political Ties to Boost XRP’s Influence
Ripple has long had connections to Trump’s administration. The blockchain firm’s chief legal officer, Stuart Alderoty, contributed over $300,000 to Trump’s 2024 election campaign. Both Alderoty and CEO Brad Garlinghouse even met with Trump before, further deepening their political ties. Ripple also made substantial donations to Trump’s inaugural fund and to PACs that support pro-crypto candidates. This financial backing raises questions about Ripple’s influence on U.S. policy.
Trump Acts Quickly on the Crypto Reserve Proposal
Trump wasted no time after his announcement. Just four days later, he signed an executive order to establish a “Digital Asset Stockpile.” While the plan appears to push forward, Ripple’s involvement continues to stir controversy.
XRP’s Price Holds Strong Amidst the Drama
Despite the drama, XRP’s price has remained resilient, climbing by 7.6% over the past 5 days to $2.40. Yet, the connection between Ripple and U.S. politics is bound to keep the crypto world on edge as the fallout from this incident continues.
