According to a report from a local news source ‘Quartz’ on Sept. 7th, the general counsel of Ripple has resigned from her job which she had held since Nov. 2016. The Company in an interview with the Quartz confirmed this news.
Mentioning further ripple’s spokesperson said:
“We’re grateful for all that she did to assist build an incredible expert team. We would like to wish Brynly all the best in her next endeavour and therefore the team here at Ripple looks forward to a consequent chapter, where we will still pave the approach in this ever-evolving and unchartered business.”
According to yahoo finance, before working with RIpple, Brynly reportedly served for four years in a renowned e-commerce company called ‘eBay’ as senior director of litigation. In 2015, she switched to Paypal Holdings, Inc. as senior director of patents, M&A and technology.
Llyr steps down as Ripple was involved in a legal proceeding over whether or not the company’s token ‘XRP’ is related to security as in May, an investor Ryan Coffey initiated a legal lawsuit against Ripple.
The legal proceeding targeted Ripple, its subsidiary XRP II, and Ripple chief operating officer Brad Garlinghouse, alleging that Ripple’s sale of XRP tokens violates U.S. securities laws. Coffey claimed that while investing in XRP tokens, he lost around $552 USD, additionally stating that XRP isn’t genuinely decentralized.
The U.S. District Court of the Northern California eventually ruled to deny a motion to remand against the defendants. Within the ruling the court found that, “The parties frankly admit that their analysis failed to turn up any case directly addressing this question and therefore the court’s own analysis fared no better.”
Ripple is currently the 3rd largest digital currency according to crypto market capitalization. XRP is currently trading at a price of around $0.293 USD today.