Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, contributed 624,000 XRP to the presidential campaign of former US President Donald Trump.
Donald Trump
Using information from blockchain Analytics Company Bread Crumb, Fox Business writer Eleanor Terrett has claimed that a Ripple CLO gave $300,000 worth of XRP to a Republican presidential contender.
Particularly, the reports supporting data indicate that Alderoty made the donation on June 11, 2024. But according to a report by pro-crypto journalist Terrett, the donation was made public yesterday.
Ripple CLO 624,000 XRP Donations Converted to USDC
Ripple CLO Stuart Alderoty
Additional information regarding the transaction reveals that Alderoty gave Trump’s campaign 624,000 XRP. Later, the XRP was transformed into USDC, one of the world’s largest stablecoins.
Former FOX News analyst James Delmore alleged that President Trump’s campaign converted all cryptocurrency payments to USDC.
This action was taken to protect all cryptocurrency donations from significant price fluctuations, which are primarily related to digital currencies.
Why do cryptocurrency supporters support Trump?
It comes as no surprise that Ripple CLOs have thrown their support behind Trump in the November 5, 2024, US presidential election.
In contrast to the handling of cryptocurrencies by the Democratic Party under the Biden administration, Trump has pledged unwavering support for the industry. The former US President is expected to attend and speak at the ongoing Bitcoin Conference to show his support for cryptocurrencies.
According to Alderoty, the former US president could pave the way for much-needed regulatory clarification for cryptocurrencies. Besides Ripple CLO, several crypts giants have contributed significant amounts of cryptocurrencies to Trump’s presidential campaign.
Over $4 Million in Crypto Donations Received by the Trump Campaign
Trump’s campaign began taking cryptocurrency donations on May 21, 2024. As of yesterday, the campaign had received over $4 million in Bitcoin, Ethereum, and XRP.
Gemini originators Tyler and Cameron Winklevoss gave $2 million in Bitcoin final month.
However, the campaign refunded some donations the brothers made because they exceeded the legal limit of $844,600.
Trump’s presidential aspirations received support from Jesse Powell of the Kraken cryptocurrency exchange, who also contributed $1 million worth of ETH.
A report by The Shib Daily stated that BitGo CEO Mike Belshe donated $50,000 in Bitcoin, and Messari co-founder Ryan Selkis donated $50,000 in US dollars.
Ahead of the election, Trump has received cryptocurrency donations from other well-known cryptocurrency lovers.
