Speaking with Coindesk, a Ripple spokesperson revealed that the company's general counsel, Brynly Llyr, has gone. Quartz reported for the first time the news of Llyr's departure.
An Untimely Departure
Llyr joined Ripple in 2016, starting as the main attorney and remaining on the road for two and a half years. His reasons for leaving are unknown, but it was assumed that he was in a mutual relationship with the project:
"We are grateful for all he has done to help build an incredible team that will continue the work they have focused on last year and over.We wish Brynly all the best in his next engagement and the team here at Ripple looks forward to the next chapter where we will continue to pave the way in this ever-changing and unexplored sector. " Prior to Ripple, Llyr worked on top-level positions on eBay and PayPal.
Unfortunately for Ripple, this departure comes at a critical time for the blockchain-based payment group. Currently, the team is preparing for a legal battle over XRP and its security status.
The currency, created before Ripple became a company, is not a security according to the team. In May, an investor decided to sue, claiming that XRP is, in fact, a security, while accusing Ripple of violating state and federal securities laws.
Suggested readings : Learn more about Ripple in our beginner's guide.
All Is Not Lost
However, even with the loss of Llyr, Ripple still retains people like Mary Jo White and Andrew Ceresney, both ex-big-wigs of the Securities and Exchange Commission (SEC.)
case will take place at the federal level. If the XRP is considered as a security, the company will be forced to operate with new and stringent requirements. This could work against Ripple in its current state, since the team has a large amount of XRP in their hands. Moreover, a loss here could lead to re-examining a variety of digital resources in the same way, affecting the whole industry.
XRP occupies the third place in the market capitalization at the time of writing this article.