Shocking Report: Trump Crypto Reserve Post Linked to Ripple Lobbyist
A recent report has sent ripples through the cryptocurrency world, suggesting that a key social media post from former President Donald Trump regarding a potential US strategic crypto reserve, which notably included XRP crypto, may have originated from a source tied to Ripple Labs. This revelation raises questions about potential influence on Trump crypto policy discussions.
Was the Trump Crypto Reserve Post Influenced?
According to a May 8 Politico report, the text for a social media announcement about a US strategic crypto reserve was reportedly provided to President Trump by an employee of pro-Trump lobbyist Brian Ballard. The post, which Trump published on March 2, specifically mentioned XRP, Solana (SOL), and Cardano (ADA) as potential components of this reserve.
The report claims that after posting the message, Trump learned that Ripple was a client of Ballard’s firm. This alleged connection reportedly angered the former president, leading him to feel manipulated, according to sources cited by Politico. Trump’s purported reaction highlights the sensitivity around potential conflicts of interest in political endorsements of specific digital assets.
Ripple’s Connections and the Ripple Lobbyist Allegation
The alleged incident involving the Ripple lobbyist occurs within a broader context of Ripple’s significant engagement in the US political landscape. Ripple’s chief legal officer, Stuart Alderoty, has been a substantial donor to Trump-supporting committees. Both Alderoty and Ripple CEO Brad Garlinghouse met with Trump in January and attended inauguration events.
Furthermore, Ripple has contributed $5 million worth of XRP to Trump’s presidential inaugural fund. The company is also a major contributor to Fairshake, a Fairshake PAC that supports crypto-friendly political candidates through media campaigns. These actions demonstrate a clear effort by Ripple to engage with and influence political figures and policy discussions surrounding digital assets.
From Social Post to Executive Order?
While the March 2 social media post was informal, it preceded more concrete action. Just four days later, on March 6, Trump signed an executive order calling for the creation of a “Digital Asset Stockpile.” This sequence of events, from the specific mention of XRP crypto in a potentially lobbied post to an official executive order, adds another layer to the story.
Despite the potentially significant political implications of the May 8 report, the price of XRP did not show a marked reaction immediately following its release. This suggests that market participants may not have fully priced in the news or its potential long-term impact.
Attempts were made to reach out to a Ripple spokesperson for comment regarding the Politico report, but a response was not received at the time of publication.
Conclusion: Navigating Crypto Politics
The report alleging influence from a Ripple lobbyist on a Trump crypto post about a crypto reserve underscores the increasing intersection of the cryptocurrency industry and political lobbying. As the crypto landscape matures, understanding the various forces, including PACs like Fairshake PAC and industry-specific lobbying efforts, that seek to shape regulation and policy becomes crucial for anyone involved in the space.
