Ripple General Counsel Exits Startup In The Middle Of A Lawsuit

As the third largest cryptocurrency Ripple battles it out in the courtroom, its general counsel steps down from her post.

ripple-employee-resignation

Brynly Llyr, Ripple’s general counsel since November 2016, has withdrawn from her post, Quartz reported September 7.

A Ripple spokesperson confirmed Llyr has bid them farewell:

“We’re grateful for all that she did to help build an incredible team. 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.”

ripple-logo-1Prior to Ripple, Llyr has reportedly held legal roles at eBay and PayPal Holdings, Inc. wherein she served as senior director of litigation and senior director of patents respectively, according to Yahoo! Finance.

As Llyr steps down, Ripple gears up for a class-action battle over whether or not its XRP token is a security. However, the company has strengthened its legal team by holding on to former US Securities and Exchange Commission chair Mary Jo White as well as Andrew Ceresney, White’s former director of enforcement.

The lawsuit alleges that the sales of XRP tokens violates U.S. securities laws, targeting Ripple, its subsidiary XRP II, and Ripple CEO Brad Garlinghouse. A security, as defined by Quartz, is an investment in a common enterprise with a value that can be influenced by a promoter. The company argues back that XRP is not a security for it was created before the company was officially establish.

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Ripple General Counsel Exits Startup In The Middle Of A Lawsuit
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Ripple General Counsel Exits Startup In The Middle Of A Lawsuit
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As the third largest cryptocurrency Ripple battles it out in the courtroom, its general counsel steps down from her post.
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Ibinex News
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