Overview

Ripple Labs, Inc. is a San Francisco-based cryptocurrency and blockchain payments company, best known as the creator and primary holder of the XRP cryptocurrency. Unlike most crypto firms, Ripple operates primarily in cross-border payments infrastructure, partnering with financial institutions worldwide. Ripple is among the 27 publicly known corporate donors to President Trump’s $400 million White House ballroom construction project — and one of three cryptocurrency firms on the donor list alongside Coinbase and Tether.

This profile is included in the Patriot University accountability knowledgebase because Ripple occupies a documented intersection between corporate political donations to the current administration and receipt of favorable enforcement outcomes: the Trump administration’s SEC withdrew its appeal in the Ripple securities case — an appeal that sought $1.95 billion in penalties — after Ripple donated $4.9 million in XRP to the Trump inaugural fund, contributed approximately $47 million to crypto-aligned Super PACs in the 2024 election cycle, and was listed among White House ballroom donors. The SEC’s withdrawal of its appeal left in place a $125 million penalty — versus the $1.95 billion the Biden-era SEC had sought.

None of these entities have per se done anything wrong. Corporate political donations and seeking favorable legal outcomes are legal activities. This profile documents the factual relationships between donations, enforcement outcomes, and policy actions for transparency purposes.

Basis for Inclusion

Subject Classification: Private Corporation with documented significant political contributions to the current administration and receipt of favorable SEC enforcement outcomes.

Basis for inclusion:

• Documented donor to Trump White House ballroom project. Source: White House donor list, October 2025; confirmed in Public Citizen “Ballroom Billions” report, June 4, 2026.
• Donated $4.9 million in XRP cryptocurrency to the Trump-Vance inaugural committee (January 2025). Source: Fox Business, December 2024; Public Citizen.
• Contributed approximately $47 million to Fairshake Super PAC during the 2024 election cycle — among the largest corporate contributors to crypto-aligned political action committees. Source: NBC News; FEC filings; Public Citizen.
• Trump’s SEC withdrew its appeal seeking $1.95 billion in penalties against Ripple. Joint stipulation of dismissal filed August 7, 2025, leaving the original $125 million penalty and injunction in place. Source: SEC Litigation Release No. 26369.
• Earlier, the Trump SEC attempted to settle with Ripple for $50 million (down from $125 million) and vacate the injunction, but the district court refused. Source: Bloomberg Law; Banking Dive.
• Ripple CEO Brad Garlinghouse is reportedly being considered for a position in the Trump administration. Source: Public Citizen “Banquet of Greed” report.
• Ripple retained Brian Ballard — a key Trump ally whose firm formerly employed Trump chief of staff Susie Wiles — as a lobbyist. Ripple also retained Reince Priebus, Trump’s chief of staff during his first term. Source: Public Citizen.
• No documented federal contracts (N/A in Public Citizen data). Source: Public Citizen, June 2026.

What is NOT the basis for inclusion:

• General cryptocurrency operations or the XRP ecosystem.
• Legal arguments about whether XRP is a security — that is a regulatory classification question.
• Political speech by Ripple executives in support of crypto regulation.

Donation Summary

White House Ballroom Donation

Ripple is among the 27 publicly known corporate donors to President Trump’s White House ballroom project — a $400 million private construction project to replace the East Wing, which Trump ordered demolished in October 2025.

• Disclosed: White House donor list, October 2025.
• Amount: Not publicly disclosed by the White House.
• Recipient entity: Trust for the National Mall (501(c)(3) nonprofit).

Inaugural Fund Donation

Ripple donated $4.9 million worth of XRP cryptocurrency to the Trump-Vance inaugural committee.

• SourceFox Business, December 2024; Public Citizen “Canceled Corporate Enforcement.”
• Context: This was among the largest crypto-industry inaugural contributions and one of the first major cryptocurrency donations to a presidential inaugural fund.

2024 Election Cycle Political Spending

Ripple was among the largest corporate contributors to cryptocurrency-aligned political action committees during the 2024 election cycle:

Ripple co-founder Chris Larsen personally contributed approximately $12 million during the 2024 cycle. Chief Legal Officer Stuart Alderoty donated $300,000 in cryptocurrency to back Trump for president.

Industry Context: The cryptocurrency industry collectively raised over $245 million to influence the 2024 federal elections. Coinbase and Ripple together accounted for more than 80% of direct corporate crypto political donations. Crypto corporations accounted for nearly half of all corporate money flowing into the 2024 election — more than any other sector, including oil and banking. Source: Public Citizen “Big Spending” report, August 2024; CNBC; NBC News.

Political Connections

• Ripple retained Brian Ballard to lobby the administration on crypto issues. Ballard is a key Trump ally whose firm formerly employed Trump chief of staff Susie Wiles. Source: Public Citizen.
• Ripple retained Reince Priebus as a lobbyist — Priebus served as Trump’s chief of staff during his first term. Source: Public Citizen.
• Ripple CEO Brad Garlinghouse attended Trump’s White House crypto summit on March 7, 2025 and met with Trump at a blockchain summit in March. Garlinghouse is reportedly being considered for a position in the Trump administration. Source: crypto.news; Public Citizen.

Federal Contracts

SourcePublic Citizen analysis of USAspending.gov data, “Ballroom Billions,” June 4, 2026.Ripple has no documented federal contracts in USAspending data. Its financial interest before the federal government is concentrated in the SEC enforcement action and broader crypto regulatory policy, rather than government contracting.

Enforcement Actions

SEC Enforcement Action — APPEAL WITHDRAWN (August 7, 2025)

Case: Securities and Exchange Commission v. Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen, Case No. 1:20-cv-10832 (S.D.N.Y.); Appeal Nos. 24-2648(L) and 24-2705 (XAP) (2d Cir.)

Timeline:

• December 22, 2020: SEC filed enforcement action alleging Ripple violated securities laws by selling XRP without registering it as a security. The SEC sought approximately $1.95 billion in penalties.
• July 2023: Judge Analisa Torres issued a mixed ruling: XRP sold to institutional investors constituted unlawful securities sales, but “blind bid” sales to retail investors on exchanges did not.
• August 2024: Judge Torres imposed a $125,035,150 civil penalty and a permanent injunction prohibiting Ripple from violating securities registration provisions.
• Late 2024: Both the SEC and Ripple appealed — the SEC seeking higher penalties, Ripple challenging the injunction and penalty.
• January 20, 2025: Trump inaugurated; Ripple had donated $4.9 million to inaugural fund.
• Spring 2025: The Trump SEC attempted to settle with Ripple for $50 million (60% reduction from the $125 million penalty) and sought to vacate the permanent injunction.
• May 2025: Judge Torres refused the settlement request, stating: “All signs pointed to the likelihood that, without an injunction, Ripple would continue to disregard the laws of Congress. None of this has changed — and the parties hardly pretend that it has. Nevertheless, they now claim that it is in the public interest to cut the Civil Penalty by sixty percent and vacate the permanent injunction entered less than a year ago.”
• June 2025: Judge Torres again denied a second request to reduce the penalty, suggesting the parties appeal her ruling or drop their appeals.
• June 2025: Ripple CEO Garlinghouse announced Ripple was dropping its cross-appeal.
• August 7, 2025: SEC and Ripple filed joint stipulation of dismissal in the Second Circuit, ending both the SEC’s appeal and Ripple’s cross-appeal.

Outcome: The original district court judgment stands: $125 million penalty and permanent injunction against institutional XRP sales remain in effect. However, the SEC’s withdrawal of its appeal means Ripple avoided the $1.95 billion in penalties the Biden-era SEC had originally sought — a savings of approximately $1.825 billion.

SEC’s position: The SEC stated the dismissal resolved the enforcement action. The joint stipulation provided that each party would bear its own costs and fees.

Judicial commentary: Judge Torres’s refusal to reduce the penalty is notable. She wrote that the SEC and Ripple’s settlement arguments did not demonstrate changed circumstances: “In other words, all signs pointed to the likelihood that, without an injunction, Ripple would continue to disregard the laws of Congress.” Her comments suggest the Trump SEC’s desire to reduce penalties was not supported by the factual record the court had developed.

SourceSEC Litigation Release No. 26369, August 7, 2025; Bloomberg Law; Banking Dive; The Block; Public Citizen.Public Citizen analysis: Public Citizen calculated that the Biden SEC sought $1.95 billion in penalties but the Trump SEC accepted a $125 million outcome — and characterized this as the largest single enforcement relief among ballroom donors, noting: “58% of [the total] unpaid penalty amount is from the U.S. Securities and Exchange Commission (SEC) case against Ripple alleging securities violations.”

Crypto-Regulatory Context

The SEC’s withdrawal of its appeal against Ripple occurred within a broader context of the cryptocurrency industry’s unprecedented political spending and the Trump administration’s delivery of favorable regulatory treatment to the sector.

Industry Political Spending

Trump Campaign Promises Delivered

XRP in the Digital Asset Stockpile

SourceWhite House Fact Sheet, March 6, 2025; Wikipedia, “U.S. Strategic Bitcoin Reserve.”On March 3, 2025, President Trump announced that the U.S. Digital Asset Stockpile would include XRP (Ripple’s cryptocurrency) alongside Solana, Cardano, Ethereum, and Bitcoin. XRP’s price rose approximately 7% on the announcement. This represented a direct financial benefit to Ripple Labs, which holds substantial XRP reserves.

Conflicts of Interest Analysis

Ethics experts and government watchdog organizations have documented the following pattern:

The Timeline:

1. SEC sued Ripple for $1.95 billion in securities violations (December 2020).
2. Ripple contributed ~$47 million to crypto-aligned Super PACs in the 2024 election cycle.
3. Ripple donated $4.9 million in XRP to the Trump inaugural fund.
4. Trump appointed crypto-friendly SEC leadership (Acting Chairman Uyeda; later Chairman Paul Atkins).
5. Trump SEC attempted to settle Ripple case for $50 million (down from $125 million) and vacate injunction — judge refused.
6. SEC withdrew its appeal seeking $1.95 billion (August 7, 2025) — Ripple saved ~$1.825 billion.
7. Ripple was listed as a White House ballroom donor (October 2025).
8. Trump announced XRP would be included in the U.S. Digital Asset Stockpile (March 2025).

What watchdog organizations have said:

• Public Citizen characterized the Ripple enforcement relief as the single largest penalty reduction among companies with Trump administration ties, representing 58% of all unpaid penalties documented in their “Canceled Corporate Enforcement” report.
• Public Citizen stated: “These giant corporations aren’t funding the Trump ballroom debacle out of a sense of civic pride. They have massive interests before the federal government and they undoubtedly hope to curry favor with, and receive favorable treatment from, the Trump administration.”
• Public Citizen specifically documented Ripple’s revolving-door connections: hiring Brian Ballard (whose firm employed Trump chief of staff Susie Wiles) and Reince Priebus (Trump’s first-term chief of staff) as lobbyists.

Ripple’s position: CEO Brad Garlinghouse stated in December 2024: “With trusted, knowledgeable crypto advocates like Paul Atkins and David Sacks appointed in the Trump Administration, the future of the crypto industry looks nothing but promising. I’m optimistic we can finally move past the failed war on crypto waged by Elizabeth Warren’s attack dog, Chair Gensler.”

What this profile does NOT claim: This profile does not assert that the SEC’s withdrawal of its appeal was a direct quid pro quo for Ripple’s donations. The appeal withdrawal followed Judge Torres’s refusal to approve a settlement — meaning the SEC may have concluded it had no viable path to reduce the penalty further. Readers can evaluate the timeline, the lobbying connections, and the $1.825 billion in avoided penalties independently.

White House Response: “The same critics who are alleging fake conflicts of interests, would also complain if American taxpayers were footing the bill for these long-overdue renovations. The donors are a wide array of great American companies and generous individuals, all of whom are contributing to make the People’s House better for generations to come.”

Investigative Trails

Researchers conducting further investigation should consult the following primary-source repositories:

SEC Enforcement and Filings

• SEC Litigation Release No. 26369: Joint stipulation of dismissal filing (August 7, 2025). Available at sec.gov/enforcement-litigation/litigation-releases/lr-26369.
• Joint Stipulation PDF: https://www.sec.gov/files/litigation/complaints/2025/26369-joint-stipulation.pdf
• District Court Docket: SEC v. Ripple Labs, Inc., No. 1:20-cv-10832 (S.D.N.Y., Torres, J.). Contains Judge Torres’s July 2023 mixed ruling, August 2024 penalty order, and May/June 2025 refusals to reduce the penalty.
• Second Circuit Docket: Appeal Nos. 24-2648(L) and 24-2705 (XAP).

Political Contributions

• FEC.gov: Search “Ripple” and “Fairshake” for PAC filings. Cross-reference with individual contributions from Chris Larsen (~$12 million) and Stuart Alderoty ($300,000 in crypto).
• OpenSecrets.org: Ripple organizational profile for contribution totals and lobbying data.
• Trump inaugural committee FEC filing: Documents the $4.9 million XRP contribution.

Lobbying Disclosures

• Senate Office of Public Records (lda.senate.gov): Search for Ripple Labs lobbying disclosures. Identify filings by Ballard Partners (Brian Ballard) and any filings listing Reince Priebus.
• OpenSecrets lobbying database: Ripple Labs lobbying profile, including lobbyist names and revolving-door connections.

Watchdog Reports

• Public Citizen, “Ballroom Billions,” June 4, 2026: Full contract and enforcement analysis for all 27 ballroom donors.
• Public Citizen, “Banquet of Greed,” November 2025: Earlier analysis of corporate donor conflicts, including Ripple.
• Public Citizen, “Big Spending,” August 2024: Crypto corporate election spending analysis.
• Public Citizen, “Canceled Corporate Enforcement,” 2026: Documents enforcement actions dropped or scaled back for companies with Trump administration ties — Ripple listed with largest penalty reduction.

XRP Market Data

• CoinMarketCap / CoinGecko: XRP price movements correlated with Trump announcements (March 3, 2025 Digital Asset Stockpile announcement; August 7, 2025 appeal dismissal).

Education only — verify independently. Absence of hits is not proof.

Factual correction requests: If you believe information in this profile is incorrect, please contact factcheck@patriot.university with your name (optional), the specific claim, and any supporting documentation. We review all submissions and correct verified errors promptly.

Investigative trail pointers (public records)

Education only — verify independently. Absence of hits is not proof.

Use public-records-research-specialist, corporate-intelligence-investigator, and public-corruption-ombudsman evidence tiers.

Sources

1. SEC, “SEC Announces Joint Stipulation to Dismiss Appeals, Resolving Civil Enforcement Action Against Ripple and Two of Its Executives” (Litigation Release No. 26369), August 7, 2025. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26369

1. SEC, Joint Stipulation of Dismissal (PDF filing), August 7, 2025. https://www.sec.gov/files/litigation/complaints/2025/26369-joint-stipulation.pdf

1. Public Citizen, “Ballroom Billions: Trump Ballroom Donors Devour Taxpayer Dollars,” June 4, 2026. https://www.citizen.org/article/ballroom-billions/

1. Public Citizen, “Banquet of Greed: Trump Ballroom Donors Feast on Federal Funds and Favors,” November 2025. https://www.citizen.org/article/banquet-of-greed-trump-ballroom-donors-feast-on-federal-funds-and-favors/

1. Public Citizen, “Canceled Corporate Enforcement: Trump’s First Year, Second Term,” 2026. https://www.citizen.org/article/canceled-corporate-enforcement-trump-first-year-second-term/

1. Public Citizen, “Big Crypto, Big Spending: Corporate Contributions Report 2024,” August 2024. https://www.citizen.org/wp-content/uploads/big-crypto-big-spending-corporate-contributions-report-2024.pdf

1. The Block, “SEC, Ripple to end legal battle as both parties abandon appeals, leaving XRP ruling intact,” August 7, 2025. https://www.theblock.co/post/366096/sec-ripple-to-end-legal-battle-as-both-parties-abandon-appeals-leaving-xrp-ruling-intact

1. Bloomberg Law, “Ripple, SEC Drop Appeal After Settlement Path Blocked by Judge,” August 2025. https://news.bloomberglaw.com/litigation/ripple-sec-drop-appeal-after-settlement-path-blocked-by-judge

1. Banking Dive, “Judge again denies request to slash Ripple’s SEC penalty,” 2025. https://www.bankingdive.com/news/ripple-sec-judge-again-denies-settlement-request-lower-penalty-crypto/752167/

1. Fox Business, “Trump inauguration draws big crypto donations,” December 2024. https://www.foxbusiness.com/politics/trump-inauguration-draws-big-crypto-donations

1. CNBC, “Crypto’s $245 million campaign finance operation funded non-crypto ads,” November 5, 2024. https://www.cnbc.com/2024/11/05/cryptos-245-million-campaign-finance-operation-funded-non-crypto-ads.html

1. NBC News, “Crypto industry accounts for almost half of corporate donations in 2024 election, report says,” August 2024. https://www.nbcnews.com/tech/crypto/crypto-industry-accounts-almost-half-corporate-donations-2024-election-rcna167922

1. crypto.news, “Ripple, Tether, Coinbase donate to Trump’s $300M ballroom,” October 2025. https://crypto.news/ripple-tether-coinbase-donors-trump-ballroom-2025/

1. White House, “Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile,” March 6, 2025. https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/

1. Harvard Law School Forum on Corporate Governance, “SEC Enforcement: 2025 Year in Review,” January 21, 2026. https://corpgov.law.harvard.edu/2026/01/21/sec-enforcement-2025-year-in-review/

1. IBTimes UK, “Amazon, Apple and Meta Donated Millions to Trump’s Ballroom Before Their Federal Investigations Were Quietly Dropped,” June 2026. https://www.ibtimes.co.uk/corporate-donors-trump-ballroom-federal-contracts-1800963

For Trump Supporters: Questions Worth Considering

These are non-partisan questions about whether the relationship between crypto companies and the politicians they fund serves the interests of ordinary investors and taxpayers:

1. The $1.825 billion question: The Biden SEC sought $1.95 billion in penalties from Ripple. The Trump SEC tried to reduce that to $50 million — and when the judge refused, withdrew its appeal entirely. Ripple had donated $4.9 million to Trump’s inaugural fund and $47 million to crypto-aligned PACs. Is a $52 million investment that yields $1.825 billion in avoided penalties a good deal for the company? Is it a good deal for investors who may have been harmed?

1. The judge’s words: Judge Torres — a Trump-appointed judge — refused the settlement, writing that “all signs pointed to the likelihood that, without an injunction, Ripple would continue to disregard the laws of Congress.” When a Trump-appointed federal judge says the settlement doesn’t serve the public interest, who is the SEC serving by withdrawing anyway?

1. Revolving door: Ripple hired Trump’s first-term chief of staff (Reince Priebus) and a lobbyist whose firm employed Trump’s current chief of staff (Susie Wiles) at Brian Ballard’s firm. Is it possible to separate these hiring decisions from the enforcement outcomes that followed?

1. XRP in the stockpile: Trump announced XRP would be included in the U.S. Digital Asset Stockpile on March 3, 2025. XRP’s price rose 7%. Ripple holds substantial XRP reserves. Who benefited from this announcement — the American public, or Ripple’s balance sheet?

1. Scale of industry spending: The crypto industry spent $245 million on the 2024 elections — nearly half of all corporate political spending. Every major enforcement action against the top donors was subsequently dismissed or scaled back. At what point does “regulatory reform” become “regulatory capture”?