In a significant move that underscores the intersection of cryptocurrency and politics, Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has donated 624,000 XRP to former President Donald Trump’s presidential election campaign. This donation, valued at approximately $300,000, was reported by FOX Business journalist Eleanor Terrett, referencing blockchain analytic platform Bread Crumb. While the donation itself occurred on June 11, 2024, it has only recently garnered public attention following Terrett’s recent report.
The donation by Alderoty, a prominent figure in the crypto industry, was converted into USDC, one of the largest stablecoins by market capitalization. The conversion rate was set at an average of $0.48 per XRP. James Delmore, a former FOX News analyst, has noted that the Trump campaign typically converts all cryptocurrency donations into USDC. This practice is designed to mitigate the volatility often associated with digital currencies and ensure the stable value of campaign contributions.
This financial endorsement of Trump by Alderoty aligns with the former president’s promises of robust support for the cryptocurrency sector. The former U.S. leader is scheduled to speak at the ongoing Bitcoin Conference, reinforcing his commitment to the industry. Alderoty and other crypto stakeholders are hopeful that a Trump presidency could bring the regulatory clarity that the sector has been advocating for.
The Trump campaign’s acceptance of cryptocurrency donations began on May 21, 2024. Since then, it has accumulated over $4 million in contributions from various digital assets, including Bitcoin (BTC), Ethereum (ETH), and XRP. Notable contributions include $1 million each from Gemini founders Tyler and Cameron Winklevoss, which had to be partially returned due to exceeding the legal donation limit, and a $1 million donation from Kraken’s Jesse Powell in ETH. Additionally, BitGo CEO Mike Belshe and Messari co-founder Ryan Selkis each contributed $50,000 in BTC and USDC, respectively.
The influx of crypto donations to Trump’s campaign highlights a growing trend of political endorsements and financial support from the cryptocurrency community. This trend underscores a broader desire within the industry for political figures who advocate for favorable regulatory frameworks and recognize the potential of digital currencies.
As the election approaches, the role of cryptocurrency in political financing is likely to become more prominent, reflecting the sector’s increasing influence and the shifting dynamics of campaign contributions in the digital age.
