Ripple's Chief Legal Officer (CLO) Stuart Alderoty has made headlines with a massive donation to former U.S. President Donald Trump's 2024 presidential election campaign. According to FOX Business journalist Eleanor Terrett, Alderoty donated $300,000 worth of XRP, citing data from the blockchain analytic platform Bread Crumb.

The Donation and Its Details

The donation, made on June 11, 2024, became public knowledge only yesterday. Terrett's report sheds light on the transaction involving sending 624,000 XRP to Trump's campaign. These funds were subsequently converted to USDC, one of the largest stablecoins in the world. This conversion was done at an average cost of $0.48 per XRP coin.

A former FOX news analyst, James Delmore, suggested President Trump's campaign regularly converts all crypto donations to USDC. This strategy aims to maintain the value of donations amidst the volatile nature of digital currencies.

Ripple CLO's Political Endorsement

Unsurprisingly, Stuart Alderoty has endorsed Trump for the upcoming U.S. presidential election on November 5, 2024. Trump has promised unwavering support for the crypto industry, which contrasts with the Democratic Party's handling of crypto under the Biden administration. He is scheduled to attend and speak at the ongoing Bitcoin Conference to demonstrate further his support for crypto.

Crypto Community's Support for Trump

Alderoty is not alone in his support for Trump. Other crypto heavyweights have also donated significant amounts to Trump's campaign. Trump's campaign, accepting crypto donations on May 21, 2024, has received over $4 million in cryptocurrencies. These include BTC, ETH, XRP, and others, all converted to USDC.

Last month, Gemini founders Tyler and Cameron Winklevoss donated $1 million each in BTC, totaling $2 million. However, the campaign returned some funds to the brothers since it exceeded the maximum legal amount of $844,600.

Additionally, Jesse Powell of Kraken donated $1 million worth of ETH, BitGo CEO Mike Belshe donated $50,000 in BTC, and Messari co-founder Ryan Selkis donated $50,000 in USDC.

The Future of Crypto in Politics

"This indicates that the 624,000 XRP were converted to USDC at an average cost of $0.48 per coin."

The influx of crypto donations to Trump's campaign highlights a growing trend of digital currency support in politics. Prominent crypto enthusiasts want a more favorable regulatory environment for digital assets.

Depending on the outcome and the policies that follow, the upcoming election could be a pivotal moment for the crypto industry.