Trump Cuts Ties with Lobby Firm Over Digital Asset Controversy
By: cointurk|2025/05/11 03:30:08
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Former U.S. President Donald Trump has reportedly ended his relationship with lobbying firm Ballard Partners after a controversial social media post about digital asset markets. According to information from Politico, Trump made this decision based on a firm employee’s persistent recommendation for him to share a certain message. 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. Reports from Politico, citing two sources, suggest that this post was made after a Ballard Partners employee repeatedly pressured Trump at Mar-a-Lago to convey the message. Allegedly, the employee provided the exact text Trump needed to share. Tension in Relationships After the post, Trump felt manipulated by such direction, and he realized that Ballard Partners also represented Ripple $ 2 , 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. Trump clearly communicated that Ballard is no longer wanted in any setting. According to Politico sources, Trump expressed this sentiment by stating, “No longer wanted anywhere.” Internal Reactions and Next Steps As reported by Politico, the White House’s Crypto Advisor David Sacks expressed discomfort over the Crypto Strategic Reserve announcement. He conveyed his concerns to Trump’s chief of staff, Susie Wiles. Several sources within the administration noted that the issue also caused tension at the White House. 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 $ 103,169 and Ethereum $ 2,480 . In his Truth Social message, Trump said, “And of course BTC and ETH, as other valuable digital assets, will be at the heart of the Reserve. I love Bitcoin and Ethereum too!” These recent developments highlight the interaction between politics, finance, and lobbying activities in the context of digital asset markets in Turkey and globally. The proposal for the crypto asset reserve brings multiple stakeholders’ differing interests to the forefront, indicating a new dimension in the debate over relationships between politicians and senior officials of lobbying firms. As the position of digital assets in the financial ecosystem becomes more contentious through such developments, leaders’ statements and decisions can have a direct impact on the sector.
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