- Trump’s crypto reserve announcement sparked backlash after XRP, Solana, Cardano were listed, excluding Bitcoin, Ethereum.
- Trump felt misled by Ballard Partners’ role, leading to fallout and strained political alliances.
In early March 2025, President Donald Trump revealed plans for an American strategic crypto reserve in an effort to carry out promises to further America’s position in cryptocurrencies. The disclosure, made on Truth Social, was meant to enhance the nation’s dominance of the field of digital currency.
Trump was reportedly enraged after he heard that the statement, which mentioned XRP, Solana, and Cardano as reserve assets, was written by an employee at the lobby group Ballard Partners, which has ties to Ripple. Bitcoin and Ethereum were not included on the original list.
According to sources familiar with the incident, Trump thought that his platform had been utilized to align with Ripple’s interests at the expense of his own. The president’s response, which reportedly was angry, resulted in an abrupt falling out with longtime friend Brian Ballard, who is the head of Ballard Partners.
Fallout Hits Trump’s Political Circles
Ballard, who was earlier regarded as a part of Trump’s orbit, quickly lost ground. His power, which earlier benefited from being known as an insider and fundraiser, dipped after the part played by his firm in the crypto statement. The scandal reportedly cut down his standing in Trump’s circle, questioning his place among the circle of the president’s advisors.
In spite of the incident, Ballard Partners kept signing on clients. The firm has landed over 100 new deals since the 2024 election, including big names such as Netflix, Bayer, and JP Morgan. Public documents show the firm earning over $14 million in revenue in the initial months of 2025, with no slowdown in business even when Ballard experienced political setbacks.
In the meantime, rumors swept through the crypto community. Ripple’s historical affiliation with XRP caused some analysts to interpret Trump’s initial tweet as an unofficial endorsement of the asset, even though Ripple does not have direct control over XRP. Leaders from the company earlier met with Trump, further fueling speculation about the president’s stance.
XRP, Solana, Cardano jump after Trump’s move
XRP, Solana, and Cardano quickly surged 4%, 7%, and 6%, respectively, following Trump’s initial public statement, with buyers quick to act upon the perceived cue from the White House. Neither Ripple nor Ballard Partners had anything public to say regarding the scenario.
Within weeks after the commotion, Trump reworked his stance. In the closing weeks of March, he made official confirmation that Bitcoin and Ethereum would also form part of the reserve plan. Later that month, Trump signed an executive order officially forming the U.S. Strategic Bitcoin Reserve, reasserting his interests in seeing American presence in the crypto space, even after the initial controversy.
Whereas the initial roll-out led to internal conflict and anxiety about the power of lobbying, Trump’s follow-up moves indicated an expansive strategy for digital assets. The blowback from the Ripple tie-up might have rattled political relationships, but the administration’s crypto initiatives forged ahead.
