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Key Takeaways:
- XRP gained over 3% after Ripple announced it would drop its SEC cross-appeal, signaling legal closure.
- Trump declined to commit to divesting from crypto ventures, while Across Protocol faces scrutiny over alleged DAO fund misuse.
XRP rose over 3% on Friday following an announcement by Ripple Labs CEO Brad Garlinghouse that the company is dropping its cross-appeal in its legal battle with the U.S. Securities and Exchange Commission (SEC). Garlinghouse also noted that the SEC is expected to withdraw its own appeal, signaling a potential end to the high-profile lawsuit that has spanned multiple years.
“We’re closing this chapter once and for all,” Garlinghouse said on X, reaffirming Ripple’s focus on “building the internet of value.” Following the post, XRP’s price jumped to $2.18 — a 3.36% increase within hours, according to CoinMarketCap.
The move marks a major milestone in one of the crypto industry’s most closely watched regulatory confrontations and could provide short-term momentum for XRP and related assets.
Trump Dodges Crypto Conflict Question; Across Protocol Faces DAO Misuse Allegations
During a Friday press conference, U.S. President Donald Trump sidestepped a question about whether he would divest from his family’s crypto holdings to avoid political conflict in the push for crypto-friendly legislation. Trump emphasized the strategic importance of maintaining U.S. dominance in the digital asset sector but did not directly address the divestment query.
Meanwhile, controversy erupted within the DeFi space as founders of Across Protocol were accused of redirecting $23 million in DAO-controlled tokens to their private firm, Risk Labs. Ogle, an onchain investigator, alleged the vote was manipulated, calling the DAO a “DAO in name only.”
Also Read: XRP’s $2 Problem: How SEC Case Impact Is Holding Back Ripple’s Potential
Hart Lambur, founder of both entities, denied wrongdoing and said Risk Labs operates as a nonprofit registered in the Cayman Islands. However, legal experts pointed out that foundation companies in the region can have flexible, including commercial, purposes.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
