Today in crypto, XRP’s price spikes after Ripple CEO Brad Garlinghouse gives an update on the SEC legal battle, US President Donald Trump sidestepped questions on divesting from crypto ventures amid political pressure over digital asset bills. Meanwhile, Across Protocol founders were accused of redirecting $23 million in tokens.
XRP spikes 3% after Garlinghouse says Ripple dropping SEC cross-appeal
XRP’s price jumped over 3% on Friday just hours after Ripple Labs CEO Brad Garlinghouse said the company is dropping its cross-appeal against the US Securities and Exchange Commission (SEC) and expects the regulator to do the same.
“Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously said,” Garlinghouse said in an X post on Friday. XRP , the cryptocurrency associated with Ripple Labs, spiked 3.36% to $2.18 just five hours after the post, according to CoinMarketCap data.
“We’re closing this chapter once and for all and focusing on what’s most important – building the internet of Value. Lock in,” Garlinghouse added.
Trump sidesteps question on crypto divesting to pass key bills
US President Donald Trump didn’t answer a reporter’s question on whether he would divest from his family’s crypto ventures in order to ensure passage of key cryptocurrency legislation, saying only that if the US didn’t have crypto, China or other countries would.
"Many Democrats have said that they are not going to support crypto bills in Congress only because of you and your family's personal crypto ventures," a reporter said to Trump during a press briefing at the White House on Friday.
Asked whether he would consider divesting from his crypto ventures to ease political pressure on digital asset bills on Congress, Trump responded:
"I became a fan of crypto, and to me, it's an industry. I view it as an industry and I am president. And if we did not have it, China would, or somebody else would, but most likely China would love to, and we have dominated that industry.
We have created a very powerful industry, and that is much more important than anything that we invest in," Trump said.
Across Protocol DAO under fire over $23 million fund misuse claims
The founders of the crosschain bridge Across Protocol have been accused of siphoning $23 million of funds to their own for-profit company.
In a Friday X thread, Ogle — the pseudonymous founder of layer-1 project Glue and onchain sleuth — accused some founders of Across Protocol of covertly manipulating decentralized autonomous organization votes to fund their for-profit company, Risk Labs. Ogle accused the project of being among the “DAOs that are DAOs in name only.”
Hart Lambur, who founded both Risk Labs and Across, denied the claims in a separate post. He said that Risk Labs is a Cayman Islands-based nonprofit with no shareholders. He shared a certificate of incorporation and claimed that the company operates under fiduciary obligations.
“If the funds are misused, you can sue the directors (me!),” he said.
Talking to Cointelegraph, Lambur also shared the company’s certificate of incorporation. The document describes the firm as a “foundation company.” Cointelegraph was able to independently verify the company’s registration with Cayman Island’s online general registry.
Still, law firm Harneys explained in its Cayman Islands foundation company guide that such firms can have any purpose, “whether commercial, charitable/philanthropic or private.”