Former U.S. President Donald Trump ends his relationship with lobbying firm Ballard Partners amid a dispute over digital assets. This decision stems from a clash of interests and misguided recommendations.
Critical Post and its Background
In early March, Donald Trump announced through his social media platform, Truth Social, the formation of a Presidential Digital Asset Markets Working Group. This group aims to create a Crypto Strategic Reserve covering XRP, SOL, and ADA. The announcement created significant buzz in digital asset communities and political circles.
Tension in Relationships
After the post, Trump felt manipulated by such direction and realized that Ballard Partners also represented Ripple, which is behind XRP. Although Ripple claims the independence of their digital asset, it still holds a significant portion of XRP’s total supply. Sources close to Trump indicate that a firm stance was taken against Brian Ballard, head of Ballard Partners.
Internal Reactions and Next Steps
Following his initial post, Trump shared another message evaluating the two largest digital assets positively, stating that BTC and ETH would also be included in the reserve. He expressed his liking for Bitcoin and Ethereum.
These developments highlight the interaction between politics and finance in the context of digital asset markets. The proposal for the crypto asset reserve brings multiple stakeholders' differing interests to the forefront, impacting the debate over relationships between politicians and lobbyists.
