Ripple's General Counsel, Brynly Llyr, left his position, which he had held since November 2016, according to Quartz on September 7th.
The American company has confirmed to Quartz that Llyr no longer serves in the study. A spokesperson for Ripple said:
"We are grateful for everything he has done to help build an incredible team." We wish Brynly all the best in his next effort and the team here at Ripple awaits the next chapter, where we will continue to pave the way in this ever-changing and unexplored sector. "
Prior to joining RIpple, Llyr would have reported for nearly four years to the eBay giant of e-commerce as senior director of the litigation. In 2015, she moved to Paypal Holdings, Inc. as senior director of patents, M & A and technology, according to Yahoo! Finance.
Llyr resigns as Ripple gets involved in a lawsuit to decide whether or not the company's XRP token is security. In May, Investor Ryan Coffey initiated legal action against the company.
The case concerned Ripple, its subsidiary XRP II and Ripple CEO Brad Garlinghouse, arguing that the sale of Ripple's XRP tokens violates US securities laws. Coffey claimed that while he was exchanging the XRP tokens, he lost $ 551.89, also stating that XRP is not really decentralized.
The District Court of the United States of the Northern District of California eventually decided to deny a motion of precautionary custody against the defendants. In the ruling the court found that "The parties candidly admit that their search failed to resolve any case by directly addressing this question and the court's search did not go any better."
XRP is the third largest cryptocurrency, with market capitalization of approximately $ 11.6 billion, according to CoinMarketCap. At the time of printing, the token is trading at $ 0.29, almost 3% of the day.