Trump Feels Exploited After His XRP Tweet Got Pushed by Ripple Linked Lobbyist
President Trump reportedly reacted with fury after discovering his public endorsement of XRP was influenced by a lobbyist.
Reports have emerged detailing President Donald Trump‘s purported sense of profound deception following revelations that his public endorsement of the digital currency XRP was significantly shaped by a lobbyist connected to Ripple, the company underpinning the asset.
This situation unfolded as the White House was reportedly laying the groundwork for a substantial cryptocurrency summit, causing the specific endorsement of XRP to appear as potential favoritism.
The Genesis of an Endorsement and Unfolding Controversy
Earlier, in March, Trump had generated considerable surprise within the cryptocurrency community by publicly advocating for XRP, alongside Solana and Cardano, as potential candidates for a proposed U.S. national crypto reserve.
Recent investigative journalism suggests that the President may not have possessed a complete understanding of the circumstances surrounding this advocacy.
A Thursday exposé by Politico indicated that the communication, ostensibly designed to convey Trump’s support for a “Crypto Strategic Reserve,” was in fact masterminded by an individual associated with Ballard Partners, a lobbying organization known to have connections with Ripple Labs.
Details of the Alleged Manipulation and Its Fallout
It is alleged that this lobbyist, who was present at a Mar-a-Lago donor event concurrent with the statement’s release, successfully persuaded Trump to issue a pre-drafted message.
Crucially, the lobbyist is accused of not fully transparently disclosing Ballard Partners’ client relationship with Ripple.
Sources claim that Trump, operating under the assumption that he was articulating a broad endorsement of American innovation within the cryptocurrency sector, reacted with “fury” and felt manipulated upon learning of Ripple’s status as a Ballard Partners client.
In the ensuing period, Trump reportedly communicated to his staff that Brian Ballard, the lobbying firm’s founder and a recognized long-term fundraiser, was “not welcome in anything anymore.”
White House personnel were purportedly instructed to ostracize Ballard, and this episode has reportedly led some entities within the crypto industry to privately express anxieties about the potential for non-transparent, “backchannel” influence.
Brian Ballard has categorically denied any malfeasance, asserting that neither he nor his associates engaged in any form of deception towards the then-President.
He dismissed the accusations, emphasizing his firm’s continued accomplishments across diverse industries and affirming that Ballard Partners persists in delivering “results and effective advocacy” for its clientele.
Government Establishes Framework for National Digital Asset Holdings
A few days subsequent to the controversial public statement, President Trump enacted an executive order that initiated the formation of a Strategic Bitcoin Reserve.
The same order also established a Digital Asset Stockpile, with both initiatives slated to be capitalized through cryptocurrency assets acquired via federal criminal and civil asset forfeiture procedures.
Operational Details of the Digital Asset Stockpile and XRP’s Status
It’s noteworthy that, distinct from the Bitcoin reserve, the governmental strategy for the Digital Asset Stockpile does not involve the proactive acquisition of alternative cryptocurrencies (altcoins); holdings will be limited to those obtained through forfeiture.
The responsibility for overseeing this digital asset repository, including the authorization to liquidate assets as required, has been delegated to the Treasury Department.
Whether XRP will be integrated into this stockpile remains indeterminate, as its inclusion is contingent upon federal agencies reporting their holdings of the asset to the Treasury Secretary by a recently passed disclosure deadline.
The executive order does not stipulate the public dissemination of these submitted reports.
For context, David Sacks, who was serving as the White House’s chief advisor on cryptocurrency matters in March, clarified at the time that Trump’s specific references to XRP, Solana, and Cardano were predicated on their contemporary ranking among the top five digital assets by market capitalization.
Also Read: First Spot XRP Drops Roughly 10% in a Week
