Bitrabo Editorial
The Chief Legal Officer of Ripple Labs, Stuart Alderoty, has donated $300,000 in XRP to Donald Trump’s presidential campaign. The contribution was made on June 11, 2024, and was recently disclosed. Alderoty attended a fundraising event for Trump hosted by venture investor David Sacks in San Francisco.
Possible Reasons for the Ripple CLO’s Donation
Alderoty sent 624,000 XRP to Trump’s campaign, which was then converted to the stablecoin USDC at an exchange rate of about $0.48 per XRP. This conversion is a standard procedure for Trump’s campaign for all received cryptocurrencies. The donation coincides with Trump’s shift towards a pro-crypto stance, which may have influenced Alderoty’s decision. However, the specific motives behind the donation have not been publicly disclosed.
There is speculation that Alderoty’s contribution could be strategically aimed at supporting a potential replacement of the current SEC chairman Gary Gensler if Trump is re-elected. A new chairman who is more supportive of cryptocurrencies could impact Ripple’s legal battle with the SEC positively by introducing clearer regulations and pro-crypto legislation.
Under a Trump administration, the new SEC might be inclined to drop or handle Ripple’s case more favorably, potentially enabling Ripple to operate in the US without constraints and expand its XRP-based services.
Cryptocurrency Industry Backs Trump
Alderoty is among many donors from the cryptocurrency industry supporting Trump. Trump’s campaign has received substantial contributions from the sector, including $4 million from various cryptocurrencies like Bitcoin, Ether, and XRP between April and June. Notable donors include the Winklevoss twins and BitGo CEO Mike Belshe.
Trump is set to engage further with the crypto community through a keynote address at a Bitcoin conference and a fundraiser in Nashville. Campaign aide Brian Hughes emphasized the importance of crypto support for American technological leadership.
Currently, XRP is trading at $0.6031.