US President Donald Trump was reportedly manipulated by a lobbyist tied to Ripple Labs into asserting the XRP (XRP) token can be a part of his plans for a nationwide cryptocurrency reserve.
In keeping with a Might 8 Politico report, an worker of pro-Trump lobbyist Brian Ballard gave the president the textual content to a social media publish she advisable he write announcing a US strategic crypto reserve that would come with XRP, Solana (SOL), and Cardano (ADA).
After he posted the message to his social media platform on March 2, Trump discovered Ripple was one in all Ballard’s purchasers, infuriating the president, who felt like he’d been used, Politico reported, citing two individuals conversant in the incident.
“He’s not welcome in something anymore,” mentioned Trump, referencing Ballard, in response to the report.
Trump had connections to Ripple lengthy earlier than the announcement of XRP within the proposed crypto reserve. The blockchain agency’s chief authorized officer, Stuart Alderoty, donated greater than $300,000 to fundraising and political motion committees supporting Trump in the 2024 election, and each he and CEO Brad Garlinghouse met with the then-president-elect in January and attended inauguration occasions.
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Ripple additionally donated $5 million value of XRP to Trump’s presidential inaugural fund and has been one of many largest contributors to Fairshake, a political motion committee (PAC) that helps these it considers “pro-crypto” candidates by way of media buys. A spokesperson for the PAC said in January that it will proceed its efforts within the 2026 midterm elections.
Trump moved ahead on crypto reserve days later
The president usually makes use of his social media platform to recommend insurance policies earlier than any official announcement by way of the White Home. Trump signed an executive order to create a “Digital Asset Stockpile” on March 6 — roughly 4 days after the publish, which was nonetheless stay on the time of publication.
The worth of XRP didn’t seem to considerably react to the Might 8 report. On the time of publication, it was $2.23, having risen roughly 5% within the earlier 24 hours. Cointelegraph reached out to a Ripple spokesperson for remark, however didn’t obtain a response on the time of publication.
Journal: Trump’s crypto ventures raise conflict of interest, insider trading questions
