Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has strongly denied rumors claiming that former President Donald Trump criticized Ripple for allegedly backing Vice President Kamala Harris during a past election. Alderoty dismissed the claims as “pure fiction” and called out the misleading reports circulating in the crypto media.
The rumors gained traction following a report by Unchained that suggested Ripple had a conversation with Trump, during which he purportedly expressed frustration over Ripple’s failure to support his administration. The report also claimed that Chris Larsen, Ripple’s co-founder, had made donations to PACs supporting Harris. This sparked speculation that Ripple might have influenced other rumors published by the New York Post, which suggested Trump could be open to including non-Bitcoin cryptocurrencies, like XRP, in a national reserve.
XRP, Ripple’s native cryptocurrency, saw a significant surge in price, reaching a seven-year high of $3.40 amid the controversy. Additionally, over 2,365 XRP transactions exceeding $100K each were recorded, reflecting a notable spike in usage.
Alderoty immediately refuted the allegations on social media, questioning the credibility of the unnamed sources behind the rumors. “The rumors published by this third-tier crypto rag are pure fiction. Completely made up,” he wrote on X.
John Deaton, a prominent attorney and vocal XRP supporter, also criticized the speculative nature of the reporting. Deaton questioned the reliability of the claims, emphasizing the importance of evidence-based reporting in legal matters. He also warned against the “tribalism” that often plagues the crypto sector, where groups spread fear, uncertainty, and doubt (FUD) about rival projects.
The rumors surfaced amid XRP’s strong market performance. XRP has outperformed Bitcoin and other cryptocurrencies recently, leading some to speculate about its future role in the U.S. financial system, particularly with rumors of it being included in a U.S. strategic digital assets reserve.
Ripple’s CEO, Brad Garlinghouse, reportedly reached out to Trump, suggesting the inclusion of other cryptocurrencies beyond Bitcoin in a U.S. reserve. However, no confirmation has emerged regarding whether Trump accepted or rejected the proposition.
Ripple is currently embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC recently appealed a 2023 ruling by U.S. District Judge Analisa Torres, who determined that XRP sales on crypto exchanges do not constitute securities transactions.
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