Ripple’s General Counsel Departs in Midst of Lawsuits

The lawyer Brynly Llyr will be leaving her post as Lead Counsel at remittance company Ripple, a Ripple spokesperson has confirmed to Quartz:

“We’re grateful for all that she did to help build an incredible team…(and) wish Brynly all the best in her next endeavor…(T)he 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.”

Ms. Llyr departs as up to 8 against Ripple wind their way through US courts.

According to her LinkeIn profile, Ms. Llyr has been General Counsel at Ripple since November 2016, and before that worked at PayPal and eBay.

While Llyr may be an attorney of some repute, but Ripple has nonetheless chosen to contract former SEC chair Mary Jo White and former SEC enforcement officer Andrew Ceresney, now in private practice, to defend them in at least one class action suit.

In that suit, plaintiffs claim that Ripple sold its XRP tokens as securities in an “endless ICO” that has enriched the company but which has left some investors “holding the bag” so to speak.

Ripple and other companies claim their digital tokens, though sold for fiat and traded speculatively on exchanges, are not securities because they were generated and sold in a fundraising grey area.

The cases are being closely watched because they could set precedent regarding how other companies may be treated in courts for doing their own cryptographic token fundraise as an alternative to a long and complex IPO.

Ms. Llyr has not commented publicly on her departure, and unconfirmed reports on Twitter say she is leaving to join the blockchain firm CeloHQ.

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