Ripple CLO denies Trump criticism over $11M donation

Ripple’s (CRYPTO:XRP) Chief Legal Officer (CLO), Stuart Alderoty, has denied claims that President-elect Donald Trump criticised the company for its donations to Kamala Harris’s campaign.

The allegations stem from a report by Axios, which suggested that Trump confronted representatives of an unnamed company over their support for Harris.

“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?” labeled Alderoty as he referred to these claims as “pure fiction.”

The controversy revolves around Ripple co-founder Chris Larsen, who donated $11 million in XRP to Harris’s campaign.

Larsen expressed his belief that Harris would help ensure American technology dominates globally, stating, “I’m donating $10 million in XRP in support of her.”

These substantial donations have led to speculation about Ripple’s political ties and motivations.

Despite the rumors, XRP's price surged nearly 8%.

Analysts attribute this increase to renewed attention on Ripple and its strategic positioning within the cryptocurrency sector.

In addition to denying the allegations, Alderoty emphasised Ripple's commitment to collaborating with various political entities to advocate for crypto-friendly policies.

Meanwhile, Ripple announced plans to donate $5 million in XRP to Trump’s inauguration fund, indicating its intention to support the incoming administration.

At the time of reporting, the XRP price was $3.29.