Ripple’s Chief Legal Officer, Stuart Alderoty, has refuted claims that President Donald Trump criticized Kamala Harris for receiving financial backing from Ripple executives. Alderoty labeled these allegations as “pure fiction,” responding to unverified reports suggesting Trump confronted Ripple for not supporting his campaign.
The rumors originated from various media outlets, claiming Trump accused Ripple of backing Harris instead of him. An Axios report quoted Trump allegedly asking, “When I needed you, where were you?” without naming the company involved, though speculation pointed to Ripple.
The controversy centers on Ripple co-founder Chris Larsen, who donated $11 million in XRP to Harris’s campaign. Larsen justified his support by stating his belief in Harris’s potential to promote American technology. His donations included a significant $10 million contribution and an additional $1 million in XRP, raising questions about Ripple’s political motivations.
Pro-XRP lawyer Fred Rispoli suggested Larsen’s donations might be strategic, noting they represented only a small fraction of his wealth. Ripple CEO Brad Garlinghouse defended Larsen, highlighting the company’s commitment to bipartisan efforts for favorable crypto regulations.
In response to the allegations, Alderoty took to X (formerly Twitter), dismissing the claims as baseless and questioning the credibility of anonymous sources. Critics on X accused Ripple of benefiting from speculative reports that paint the company positively, pointing out that Ripple has not denied similar claims about its connections with major banks.
Amidst the controversy, Ripple announced a $5 million donation in XRP to Trump’s inauguration fund, indicating a desire to align with pro-crypto policies. Despite the ongoing debates, Ripple’s XRP saw an 8% price increase, trading at $3.33, attributed to heightened interest in Ripple’s activities and its strategic role in the blockchain and political arenas.
