Ripple general counsel leaves company after two years

Ripple’s general counsel Brynly Llyr has left her post.

She had been in the position at the blockchain payment and remittance network since November 2016, and before that held senior legal roles at PayPal and eBay.

“We’re grateful for all that she did to help build an incredible team,” a Ripple spokesperson told Quartz. “We wish Brynly all the best in her next endeavour 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.”

Llyr could not be reached for comment.

Legal battle

Quartz reports that Ripple is gearing up for a class-action battle about whether its XRP cryptocurrency is a security or not, and has bolstered its legal team by retaining the likes of former US Securities and Exchange Commission chair Mary Jo White and the regulator’s former director of enforcement, Andrew Ceresney.

“Although Llyr is an experienced attorney with impressive credentials, she doesn’t have the same sway as some of these other legal advisors. Still, the turnover on Ripple’s in-house legal team comes at an awkward time, given the impending case,” Quartz says.

It adds: “Ripple has argued that XRP, which was created before the company was officially formed, is not a security. If it is a security, defined as investment in a common enterprise with a value that can be influenced by a promoter, Ripple faces strict requirements for things like registration and disclosure.”

“The company owns huge reserves of the crypto asset, and has touted plans to use XRP for payments. The case, which is being heard in federal court, could reverberate, or ripple, you could say, throughout the cryptocurrency industry, as other token issuers may also face increased scrutiny for dealing in unregistered securities.”