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XRP News Today: Trump's XRP Endorsement Sparks Lobbying Controversy
Generated by AI AgentCoin World
Thursday, May 8, 2025 5:03 pm ET1min read
President Trump's recent promotion of XRP has sparked controversy, with allegations suggesting that he was manipulated into endorsing the cryptocurrency. According to political reports, Trump did not initially intend to include XRP in his Crypto Strategic Reserve. Instead, it is claimed that lobbyist Brian Ballard used underhanded tactics to persuade Trump to endorse XRP and other altcoins in his social media post.
Ballard, who has worked with Trump for years, allegedly had one of his employees repeatedly petition Trump to endorse these cryptocurrencies. This
comes after Trump's announcement of establishing a US Bitcoin Reserve, which included several altcoins, surprising the crypto industry.Ripple Labs, the company behind XRP, is also a client of Ballard's firm, having paid the lobbyist $60,000 last year. When Trump discovered this connection, he reportedly became furious. Despite this, Trump has not taken any action to remove XRP from the Strategic Reserve.
Trump's anger appears to be directed at being misled rather than having a specific distaste for XRP. The Reserve announcement occurred shortly before Trump’s Crypto Summit, where concerns about perceived favoritism were raised. However, Ripple has been a significant supporter of Trump, with CEO Brad Garlinghouse making large donations to his election campaign.
Given the close ties between Ripple and Trump, it is unlikely that Trump will punish XRP for Ballard’s actions. The market does not seem to expect any turmoil for XRP at this time. It is important to note that while Trump signed an executive order to assess the establishment of a strategic crypto reserve, no developments have been made yet.
Neither Trump, Ballard, nor Ripple employees have responded to these allegations. The situation remains fluid, and the future of XRP in the Strategic Reserve is uncertain. However, the close relationship between Ripple and Trump suggests that XRP may retain its position despite the controversy.
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