Update (March 5 at 6:58 pm UTC): This article has been updated to include a statement from Stuart Alderoty.
Blockchain payments firm Ripple Labs has announced it will be involved with launching a nonprofit organization focused on education toward “how crypto is empowering everyday people and businesses.”
In a March 5 X post, Ripple chief legal officer Stuart Alderoty said he would be the president of the newly formed National Cryptocurrency Association (NCA) in addition to his duties at the blockchain firm. CEO Brad Garlinghouse added Ripple would fund the nonprofit with a $50-million grant.
Ripple CLO on the launch of a crypto education-focused nonprofit. Source: Stuart Alderoty
According to the NCA website, the association claimed it had been formed to “help Americans make sense of crypto” by sharing stories of adoption. The group did not specifically mention attempts to be involved in politics but said it would “[make] sure you stay informed with what happens next.”
Ripple contributed $45 million to the political action committee Fairshake as part of efforts to influence US voters in the 2024 election cycle. Alderoty personally donated $300,000 to a committee supporting then-presidential candidate Donald Trump, and both he and Garlinghouse met Trump in his Mar-a-Lago home in January and attended inauguration events in Washington, DC as official guests.
The association’s website said it was registered as a 501(c)(4) organization in the United States. According to the law firm Skadden, Arps, Slate, Meagher & Flom, such an organization “may accept unlimited corporate and personal donations and are often used to engage in lobbying activity, issue advocacy, or political activity” and was not required to disclose its donors. Alderoty reportedly described the group as “politically agnostic.”
Ripple still facing SEC in appellate court
The NCA launch came amid the US Securities and Exchange Commission under Trump ending many yearslong investigations and enforcement actions against crypto firms. Notably, the regulator dropped lawsuits against Coinbase, Cumberland DRW and Consensys but has yet to change its appeal following a $125-million judgment against Ripple.
Related: Why is the Ripple SEC case still ongoing amid a sea of resolutions?
Garlinghouse and Alderoty both appeared to continue to have close ties to the US government under Trump. The Ripple CEO said he planned to attend a March 7 crypto summit at the White House. The US president also announced that the XRP token would be one of five included in a potential national crypto stockpile — a proposal that has many experts questioning its legality.
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