Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has firmly denied claims that President-elect Donald Trump criticized Kamala Harris’s financial support from network executives during the election campaign.
The allegations, originally published by multiple publications, have stirred controversy. However, they remain unsubstantiated.
Controversy Around Ripple Executive’s Donations to Kamala Harris
The controversy stems from a report by Axios, which quoted Trump allegedly confronting representatives of an unidentified company over their lack of support.
“… when I needed you, where were you? You weren’t with me and maybe you were with [Kamala Harris],” Axios reported, citing Trump.
While the publication did not name the company, Unchained’s sources speculated that it was Ripple. The publication reported that Trump allegedly expressed frustration with Ripple, the blockchain company behind XRP, during a private conversation.
These allegations are linked to Ripple co-founder Chris Larsen, who made significant donations to the Harris campaign. As BeInCrypto reported, the Ripple executive donated up to $11 million to support Harris’ presidential campaign in October.
“I believe Kamala Harris will ensure that American technology dominates the world, which is why I’m donating $10 million in XRP in support of her,” Larsen stated at the time.
Just over a week before that, Larsen had donated $1 million worth of XRP to Harris’ campaign. These substantial contributions had fueled speculation about Ripple’s political leanings.
“There are plenty of different motivations to explain this donation. Thinking it over more, IMO the best explanation is simply: Screw it, let’s see if she accepts the XRP her own administration says is an investment contract. Remember, this is only 0.0323% of Chris Larsen’s net worth,” pro-XRP lawyer Fred Rispoli quipped at the time.
Regardless of Larsen’s motivations, Ripple CEO Brad Garlinghouse voiced respect for the co-founder’s decision. He reiterated Ripple’s dedication to collaborating across the political spectrum to advocate for crypto-friendly policies.
Ripple CLO Stuart Alderoty Slams Rumors as “Pure Fiction”
In a statement posted on X (formerly Twitter), Alderoty dismissed the claims of Trump’s critique of these donations.
“Wow, unnamed sources? Here’s a named source: me. The rumors published by this 3rd-tier crypto rag are pure fiction. Completely made up. Wonder who’s behind this?” Alderoty articulated.
Alderoty’s comments directly refute the credibility of both reports, which cited anonymous insiders. Amidst the discussions, however, one popular user on X has called out Ripple for not debunking rumors that are otherwise bullish for the network.
“How come you aren’t debunking all the made-up rumors with unnamed sources that pump your XRP bags? Like Bank of America using XRP, 1700+ NDAs, and a gazillion other fabrications that serve as the entire basis of why XRP sits at the #3 market cap despite XRPL having 100 daily users, 4 apps, $60M TVL, and generating $1,000 a day in fees,” Fishy Catfish wrote.
Meanwhile, and adding complexity to the narrative, Ripple announced plans to donate $5 million in XRP to Trump’s inauguration fund. This planned donation indicates the company’s intention to support Trump’s administration amid expectations of pro-crypto policies.
Amid the controversy, XRP, Ripple’s native cryptocurrency, has risen nearly 8% since the Friday session opened. BeInCrypto data shows XRP was trading for $3.33 as of this writing.
Analysts attribute the surge to renewed attention on Ripple and its strategic positioning within both the Trump administration and the blockchain sector at large, despite the swirling rumors.
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