Trump‘s XRP Endorsement: A Case of Lobbying Influence?
A new report from Politico has thrown a spotlight on the behind-the-scenes maneuvering that led to Donald Trump‘s unexpected endorsement of XRP, the token of Ripple Labs, as part of a proposed national cryptocurrency reserve. The report alleges that a pro-Trump lobbyist, Brian Ballard, orchestrated the move, potentially exploiting the former president’s understanding of crypto.
According to the report, an employee of Ballard’s lobbying firm provided Trump with a pre-written social media post suggesting the inclusion of XRP, Solana, and Cardano in a US strategic crypto reserve. Trump subsequently posted the message on his social media platform, Truth Social, on March 2, 2023.
However, Trump later discovered that Ripple was one of Ballard’s clients, leading to outrage and a declaration that Ballard was “not welcome in anything anymore.” This revelation paints a picture of a potential conflict of interest and raises serious concerns about the influence of lobbyists on policy decisions.
Ripple‘s Connections to Trump: A Pattern of Influence?
The incident isn’t an isolated one, as Ripple has cultivated strong connections with Trump‘s political circles. Stuart Alderoty, Ripple‘s Chief Legal Officer, donated over $300,000 to Trump‘s 2024 presidential campaign. Furthermore, both Alderoty and Ripple CEO Brad Garlinghouse met with Trump during his transition into office and attended his inauguration events.
Ripple‘s donations and lobbying efforts go beyond individual figures. The company contributed $5 million worth of XRP to Trump‘s presidential inaugural fund and has been a major supporter of Fairshake, a political action committee (PAC) that promotes “pro-crypto” candidates. Fairshake’s spokesperson confirmed continued efforts for the 2026 midterm elections.
Ripple‘s XRP: A Potential Benefit from Trump‘s Endorsement?
The report highlights the potential benefits Ripple might have reaped from Trump‘s endorsement. While the price of XRP didn’t spike immediately following the publication of the Politico report, the incident underscores the influence lobbying can have on shaping policy and the potential for manipulating public figures for private gain.
This situation raises critical questions about the role of lobbying in the crypto space and its potential impact on the development of a national crypto reserve. As the crypto industry continues to grow, it’s crucial for policymakers to remain vigilant and ensure that transparent and ethical practices guide future decisions.
