Ripple CLO Stuart Alderoty Contributes $300,000 in XRP to Donald Trump's Presidential Campaign
- WBOYOriginal
- 2024-07-27 07:07:35807browse
The Chief Legal Officer (CLO) of Ripple Labs, Stuart Alderoty, has contributed $300,000 in XRP to Donald Trump's presidential campaign.
Stuart Alderoty, Chief Legal Officer (CLO) of Ripple Labs, has donated $300,000 in XRP to Donald Trump’s presidential campaign, according to a report by CNBC. The donation was made on June 11, 2024, and became public knowledge on August 10.
Alderoty's donation was part of a larger wave of support from the cryptocurrency industry for Trump. The donation was made as Trump shifted to a pro-crypto stance during his campaign.
The transaction involved Alderoty sending 624,000 XRP to Trump's campaign, which was then converted into the stablecoin USDC, reflecting an exchange rate of about $0.48 per XRP. Trump's campaign does not hold any XRP anymore.
“President Trump’s campaign has a standard procedure to convert all received cryptocurrencies to USDC,” said James Delmore, a former analyst at FOX News who now tracks campaign finance.
The donation comes as Ripple has been engaged in a legal dispute with the US Securities and Exchange Commission (SEC), which is being led by Chairman Gary Gensler.
There is a widespread belief that Trump, if re-elected, would replace the SEC chairman with a pro-crypto advocate. Such a move could fulfill a strategic purpose behind Alderoty's donation.
With a new chairman, the introduction of pro-crypto legislation and clearer regulations could become more likely, potentially impacting Ripple's ongoing legal dispute with the SEC favorably.
It is possible that under Trump's administration, the new SEC might drop the case against Ripple or avoid escalating it to higher courts in the event of an unfavorable ruling.
A Trump presidency thus paints a positive future for Ripple, potentially allowing the company to operate in the US without restrictions and to expand the deployment of XRP-based services to the US.
The Ripple CLO joins a long list of donors from the crypto industry for Trump. The broader crypto community is uniting behind Trump, whose campaign has raised significant amounts from the sector.
From April 1 to June 30, Trump's “47” joint fundraising committee garnered over $118 million, with $4 million coming in various cryptocurrencies, including Bitcoin, Ether, and XRP.
High-profile donors include crypto billionaires Tyler and Cameron Winklevoiss and BitGo CEO Mike Belshe.
Trump is set to further engage with the crypto community, with a keynote address at a major Bitcoin conference in Tennessee on Saturday and a high-ticket fundraiser in Nashville on the same day.
“Crypto innovators and others in the technology sector are under attack from Kamala Harris and the Democrats,” a Trump campaign aide, Brian Hughes, told CBNC. “President Trump is ready to encourage American leadership in this and other emerging technologies.”
At press time, XRP is trading at $0.6031.
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