Ripple’s CLO Makes $624K XRP Donation to Trump Campaign, Alongside Other Generous Contributions
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.
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.
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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.
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.
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.
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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.
