According to a spokesperson from Ripple, General Counsel Brynly Llyr, has confirmed the exit from the blockchain startup. Brynly joined Ripple as a legal officer and worked with the team for two and half years since he took charge in 2016.
When asked about why there was no public reason for the departure the spokesperson said that it was a mutual decision agreed between the two parties. The spokesperson further went on to say that Ripple was “grateful” for having her in the company.
Here is what the spokesperson had to say:
“We can confirm that Brynly Llyr has moved on from Ripple. 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.”
Brynly also held positions at PayPal and eBay as senior legal roles before she took the job in Ripple.
Llyr’s departure comes exactly after Ripple is preparing for battle on whether XRP is a cryptocurrency or not. Ripple who owns a majority in XRP cryptocurrency, needs it to be regulated as security; however, the firm’s distribution of XRP, creates an illegal securities offering. The Ripple team is boosted by employing former US Securities and Exchange Commission(SEC) chair Mary Jo White along with Andrew Ceresney, the former director of enforcement.
Llyr who previously worked in this position is said to have a handful of experience as an attorney but doesn’t have some expertise as the other legal advisors.
However, the spokesperson did not mention that how the exit of Llyr would impact on the legal battle. Ripple for a long part before the company was created has denied that XRP is not security. The SEC could not be reached for the comment. If XRP is proven to be a security, Ripple has to face severe requirements for registration and disclosure. The company owns the large part of the cryptocurrency and has plans of using XRP as payments.
In May, investor proposed legal action against the company. Ryan in his lawsuit targeted Ripple CEO Brad Garlinghouse, Ripple and its subsidiary. Ryan claims that Ripple’s sale of XRP tokens was found to be going against the U.S. securities laws.
He claims that while trading with XRP tokens, he lost $551.89, and also states that these tokens are not authentically decentralized.
The U.S. District Court of the Northern District of California went out to deny the motion and had to say this:
“The parties candidly admit that their research failed to turn up any case directly addressing this question and the court’s own research fared no better.”
At the time of writing this, XRP is the third largest cryptocurrency with a market cap of $11.7 billion, as per Coinmarketcap.