Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has donated 624,000 XRP to former U.S. President Donald Trump’s presidential election campaign. According to FOX Business journalist Eleanor Terrett, Alderoty’s donation, worth $300,000, was reported using data from blockchain analytics platform Bread Crumb. Alderoty made the donation on June 11, 2024, but it only became public yesterday, following Terrett’s report.
XRP Donation Converted to USDC
Alderoty’s 624,000 XRP donation was converted to USDC, one of the world’s largest stablecoins. The conversion rate was $0.48 per XRP. James Delmore, a former FOX news analyst, noted that Trump’s campaign converts all crypto donations to USDC to maintain their value amid potential price swings associated with digital currencies.
Alderoty’s endorsement of Trump in the upcoming November 5, 2024, presidential election highlights a broader trend among crypto stakeholders.
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Trump has promised strong support for the crypto industry, contrasting the Democratic Party’s approach under the Biden administration. To showcase his support, Trump will attend and speak at the ongoing Bitcoin Conference.
Major Crypto Donations to Trump Campaign
Trump’s campaign began accepting crypto donations on May 21, 2024. Since then, it has received over $4 million in various cryptocurrencies, all converted to USDC. Notably, Gemini founders Tyler and Cameron Winklevoss donated $1 million each in BTC, totaling $2 million.
However, the campaign returned some funds to the Winklevoss twins to comply with the maximum legal amount of $844,600.
Jesse Powell of Kraken also contributed $1 million worth of ETH. BitGo CEO Mike Belshe donated $50,000 in BTC, while Messari co-founder Ryan Selkis added $50,000 in USDC.
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Other prominent crypto enthusiasts have similarly supported Trump’s campaign with substantial donations.
Ripple CLO Stuart Alderoty’s significant XRP donation to Trump underscores the crypto community’s growing support for the former president, who promises favorable regulatory changes for the industry.
