- Ripple has been sued by an investor
- As the company prepares to defend itself against a new case filed against it, its chief legal counsel leaves Ripple Labs
- Ripple has a number of legal battles to fight
The chief legal counsel for Ripple Labs has just left the company, and her departure comes at a time when the blockchain-based payments group is gearing up for a new legal battle and taking care of older cases. Brynly Llyr joined Ripple in 2016 after holding high-level positions at online retail giant eBay and digital payments brand PayPal. Observers say that Llyr is an asset especially during a time when Ripple is struggling with a number of cases.
Ripple and Llyr reportedly parted ways amicably. According to a press release, Ripple Labs is “grateful” to Llyr for all the work she has done in the past two years. While Llyr has already left Ripple, the company still has legal big-wigs Andrew Ceresney and Mary Jo White.
One of Ripple Labs’ legal battles concerns XRP, a currency that was created before Ripple itself became a company. According to reports, XRP’s status is being questioned by an investor despite Ripple’s insistence that it is not a security. The case will be heard at the federal level. Experts note that in a scenario where the court rules in favour of Ryan Coffey, the plaintiff, Ripple will have to fulfil rigorous new requirements for it to keep operating. Reports say that Ripple currently has a huge amount of XRP, information that will likely work against the company. If Ripple loses this legal battle, other digital assets will be re-examined as well, according to Max Moeller, a contributor at Unhashed.
Ripple is the creator of cross-border payments solution xCurrent and other popular products such as xRapid.
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