Trump reportedly penalizes lobbying firm due to controversy surrounding their involvement with his 'Crypto Strategic Reserve' post on Truth Social platform: Statement
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May 10, 2025
Politics and Crypto: former President Donald Trump's Strained Relation with Ripple
President Donald Trump's connections to crypto have been under scrutiny once again. In early March, Trump took to his Truth Social platform and declared that he had directed the Presidential Working Group on Digital Asset Markets to establish a Crypto Strategic Reserve, including XRP, SOL, and ADA. However, some have pointed fingers at a Ballard Partners lobbyist for manipulating Trump into this pro-XRP sentiment.
Sources close to the situation report that the Ballard Partners employee "buttonholed" Trump at Mar-a-Lago and repeatedly urged him to publish the pro-XRP post. The employee provided a suggested text, hoping it would strike a chord with the president. Trump's realization that Ripple, the entity behind XRP, was also a client of Ballard Partners sparked outrage, leaving him feeling misled.
Trump's dismay led to his exclusion of Brian Ballard, the head of the firm, from any further involvement. He made it clear that "he is not welcome in anything anymore." In addition, David Sacks, Trump's crypto czar, was equally infuriated about the Truth Social post and lodged complaints to Chief of Staff Susie Wiles.
Despite the controversy, Trump later made a follow-up post praising Bitcoin and Ethereum as other valuable cryptoassets.
"And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!"
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