Ripple’s Head of Legal Brynly Llyr Steps Down After Two Years
Ripple's general counsel, Brynly Llyr, has reportedly left the firm based on a Ripple spokesperson and an update of Llyr's LinkedIn profile.
Brynly Llyr, the general counsel of crypto firm Ripple, has reportedly left her role at the company reports Quartz. Llyr held the position for nearly two years, first joining San Francisco start-up in November 2016.
According to the news outlet, the experienced Llyr stepped down recently and has not made public the reasons for her departure.
A spokesperson with the blockchain technology firm confirmed Brynyl’s exit, stating that she had helped the company build a great team legal team.
The spokesperson continued:
“We wish Brynly all the best in her next endeavor and the team here at Ripple looks forward to the next chapter….”
Brynly had amassed some impressive experience before joining up with the company. According to her LinkedIn, she had worked at eBay for about four years. It says that she served the e-commerce giant in the litigation department, working as its senior director.
She then moved to payments platform PayPal in 2015, where she held a number of senior roles. She worked as the company’s senior director in charge of patents, M&A and technology. A year later, she became PayPal’s senior director for legal affairs.
While at Ripple, Llyr helped to create new solutions, working alongside engineers and executives. She had indicated that the role of general counsel allowed her to combine her experiences in legal matters, finance, and technology to help Ripple grow.
Ripple’s Legal Woes
Llyr’s exit comes at a time Ripple faces a number of lawsuits arising from speculation of whether or not its XRP token is a security.
In June, a senior SEC commissioner indicated that the agency would not classify both Bitcoin and Ethereum as securities. He, however, did not mention Ripple, the third largest cryptocurrency by market capitalization.
Earlier in May, an XRP investor named Ryan Coffey had instituted a class action suit against the company, XRP II, and its CEO Brad Garlinghouse for what he termed as an ‘endless ICO’ of its security token.
He contested that Ripple continued to sell XRP tokens, in violation of the U.S. regulations concerning securities tokens.
There are two other similar cases filed in California courts by investors David Oconer and Vladi Zakinov. Judges have designated both cases as ‘complex’, a result that will see one judge instead of two or more handle the cases.
The August 29 decision represented a minor ‘win’ for Ripple as it meant it can consolidate efforts and resources in defending its position on the matter. With the exit of Brynly Llyr, Ripple may need to restructure its legal team.
Ripple has reportedly bolstered its legal team in readiness for the court battles ahead. The company has banked on the services of a former US Securities and Exchange Commission (SEC) chair Mary Jo White.
They also have the agency’s former director Andrew Ceresney who was in charge of enforcement.
Brad Garlinghouse and other company execs have all along maintained that the XRP token is not and should not be classified as a security. The regulators or the courts will come up with an answer in one way or the other.
At the moment, XRP remains the third largest digital asset in the market. Its performance in the last several months has been largely in a decline mode, despite obvious growth for the company.
LinkedIn recently named Ripple as one of the top 50 Start-ups in the U.S, and the platform believes that purely speculative projects will soon crumble.
We’re honored to be named one of the #LinkedInTopStartUps. Congratulations to our team worldwide for the dedication to building the #InternetofValue and for making Ripple an incredible place to get the job done. Interested in joining our team? Learn more:https://t.co/cpLCnAbsYE pic.twitter.com/QQOZX9PDKy
— Ripple (@Ripple) September 6, 2018
However, XRP isn’t one of them as it solves a real problem, with Ripple focusing on one customer and one clear vertical.
The crypto has a market capitalization of about $11.6 billion and currently trades at $0.293 against the US dollar.