Trump tricked into pushing XRP for crypto reserve: Report
US President Donald Trump was reportedly manipulated by a lobbyist tied to Ripple Labs into announcing the XRP token would be part of his plans for a national cryptocurrency reserve.
According to a May 8 Politico report, an employee of pro-Trump lobbyist Brian Ballard gave the president the text to a social media post she recommended he write announcing a US strategic crypto reserve that would include XRP, Solana (SOL), and Cardano (ADA). After he posted the message to his social media platform on March 2, Trump learned Ripple was one of Ballard’s clients, infuriating the president, who felt like he’d been used, Politico reported, citing two people familiar with the incident.
“He is not welcome in anything anymore,” said Trump, referencing Ballard, according to the report.
March 2 Truth Social post announcing US crypto reserve. Source: Donald TrumpTrump had connections to Ripple long before the announcement of XRP in the proposed crypto reserve. The blockchain firm’s chief legal officer, Stuart Alderoty, donated more than $300,000 to fundraising and political action committees supporting Trump in the 2024 election, and both he and CEO Brad Garlinghouse met with the then-president-elect in January and attended inauguration events.
Related: Democrats aim at Trump’s crypto profits with a 3-prong pincer move
Ripple also donated $5 million worth of XRP to Trump’s presidential inaugural fund and has been one of the largest contributors to Fairshake, a political action committee (PAC) that supports those it considers “pro-crypto” candidates through media buys. A spokesperson for the PAC said in January that it would continue its efforts in the 2026 midterm elections.
Trump moved forward on crypto reserve days later
The president often uses his social media platform to suggest policies before any official announcement through the White House. Trump signed an executive order to create a “Digital Asset Stockpile” on March 6 — roughly four days after the post, which was still live at the time of publication.
The price of XRP did not appear to significantly react to the May 8 report. At the time of publication, it was $2.23, having risen roughly 5% in the previous 24 hours. Cointelegraph reached out to a Ripple spokesperson for comment, but did not receive a response at the time of publication.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
- #Ripple
- #XRP
- #Donald Trump
- #Regulation
- #Bitcoin Reserve
Add reaction