Ripple's CLO Makes $624K XRP Donation to Trump Campaign, Alongside Other Generous Contributions | Cryptolifedigital - Latest Cryptocurrency News and Blockchain

Ripple’s Chief Legal Officer, Stuart Alderoty, recently made a significant donation to former U.S. President Donald Trump’s presidential election campaign. The donation involved 624,000 XRP, which was reportedly equivalent to $300,000 at the time of the donation. This information was brought to light by FOX Business journalist Eleanor Terrett, who obtained the data from the blockchain analytic platform Bread Crumb. It’s worth noting that the donation, made on June 11, 2024, only became public knowledge after Terrett’s report surfaced recently.

🚨NEW: According to @AppBreadcrumbs, @Ripple’s General Counsel @s_alderoty donated $300K in $XRP to @realDonaldTrump.
— Eleanor Terrett (@EleanorTerrett) July 25, 2024

Ripple’s CLO Donation Converted to USDC

Further details regarding the transaction reveal that Alderoty’s 624,000 XRP donation was later converted to USDC, a major stablecoin, at an average cost of $0.48 per coin. Notably, it’s been suggested that President Trump’s campaign routinely converted all crypto donations to USDC to mitigate the impact of market volatility associated with digital currencies.

@ScamDetective5 the photo shows: @s_alderoty sent 624,000 #xrp to Trump’s campaign, not USDC. The XRP was converted into USDC worth $300k. This is the process used in other crypto donations to the Trump Campaign. @AppBreadcrumbs shows the process here: https://t.co/eGxV5vkg87
— James Delmore (@JamesDelmore1) July 26, 2024

A key point of interest is the broader support for Trump within the crypto community, particularly in light of the upcoming U.S. presidential election scheduled for November 5, 2024. Trump’s commitment to supporting the crypto industry has garnered favour from various crypto stakeholders, especially amid uncertainties about the Democratic Party’s approach to crypto under the Biden administration.

I just personally donated $1m (mostly #ETH) to @realDonaldTrump.

For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has… pic.twitter.com/Ksxf3P2oCb
— Jesse Powell (@jespow) June 28, 2024

In a related development, Trump’s campaign began accepting crypto donations on May 21, 2024, and has since received over $4 million in Bitcoin, Ethereum, XRP, and other cryptocurrencies, which were subsequently converted to USDC. Notably, prominent figures in the crypto space, including Tyler and Cameron Winklevoss of Gemini, Jesse Powell of Kraken, Mike Belshe of BitGo, and Ryan Selkis of Messari, have made substantial contributions to Trump’s campaign, signaling significant crypto support for the former president.

I also just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November.

Here’s the TL;DR — President Trump is:

Pro-Bitcoin
Pro-Crypto
Pro-Business

And he will put an end to the Biden Administration's war on crypto. Onward! https://t.co/r6iDP7BdbE
— Cameron Winklevoss (@cameron) June 20, 2024

It’s also worth mentioning that the campaign had to return a portion of the donated funds to comply with legal donation limits. Nonetheless, the show of support from notable figures within the crypto industry underscores the growing significance of the intersection between cryptocurrency and political contributions.

Follow us on Twitter, Facebook, Telegram, and Google News

Kayode Oke Michael

Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.

Tags: