General Counsel of Ripple (XRP) Leaves The Company At Critical Time

2018-9-10 17:40

Speaking to Coindesk, a spokesperson for Ripple revealed that the general counsel for the company, Brynly Llyr, has left. Quartz first reported the news of Llyr’s departure.

An Untimely Departure

Llyr joined Ripple in 2016, starting as a leading legal officer and staying with the startup for two and a half years. Her reasons for leaving are unknown, but supposedly it was on mutual terms with the project:

“We’re grateful to all that she did to help build an incredible team that will continue the work they’ve been focused on for the past year and beyond. We wish Brynly all the best in her next endeavor and the team here at Ripple looks forward to the next chapter where we will continue to pave the way in this ever-evolving and unchartered industry.”

Before Ripple, Llyr worked high-level legal positions at eBay and PayPal.

Unfortunately for Ripple, this departure comes at a critical time for the blockchain-based payments group. Currently, the team is preparing for a legal battle concerning XRP and its status as a security.

The currency, which was created before Ripple became a company, is not a security according to the team. Back in May, an investor decided to sue the startup, arguing that XRP is, in fact, a security, while accusing Ripple of violating state and federal securities laws.

Suggested Reading : Learn more about Ripple in our beginner’s guide.

All Is Not Lost

However, even with losing Llyr, Ripple still maintains people like Mary Jo White and Andrew Ceresney—both former big-wigs from the Securities and Exchange Commission (SEC.)

This case will take place at a federal level. If XRP is ruled as a security, the company be forced to operate under rigorous new requirements. That could work against Ripple in its current state, as the team holds a large amount of XRP in their own hands. Plus, a loss here could lead to a variety of digital assets being reexamined in the same way, affecting the entire industry.

XRP sits at number three in market cap as of this writing.

The post General Counsel of Ripple (XRP) Leaves The Company At Critical Time appeared first on UNHASHED.

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