What is the Reason Behind the Leave of Ripple’s General Counsel?

Ripple is currently preparing for a class action lawsuit on whether its XRP cryptocurrency (ripple coin) is a security. In this embarrassing period, it was reported that Ripple's general counsel, Brynly Llyr, withdrew from the company, and Ripple confirmed the news.

 

According to Llyr's profile on LinkedIn, she has served as Ripple's general counsel since November 2016 and previously held senior legal positions at PayPal and eBay. Although there is currently no reason for her departure, a Ripple spokesperson said her departure was a "common decision" between her and the company.

 

So far, Ripple is still being sued for different allegations. However, according to official sources, “the spokesperson did not respond to an investigation into whether Llyr’s departure would have any impact on the legal struggle”. As reported in July, the company hired Mary Jo White, the former chairman of the US Securities and Exchange Commission (SEC), and reportedly aimed to oversee the situation that XRP is not a security.

 

Regarding this issue, the source also stated, “For its part, Ripple has long denied that XRP is a security measure. At the same time, the US Securities and Exchange Commission did not publicly comment on the matter, although the office has already stated that Bitcoin and Ethereum (eth to usd price has fallen dramatically beblow $200 today) - There are only two cryptocurrencies with a tradable valuation higher than XRP - they should not be classified as securities under current US law.

 

Ripple believes that XRP created before the company was formally established is not security. If it is a security, Ripple is faced with matters such as registration and disclosure. Ripple has a huge inventory of crypto assets and has already touted plans to use XRP for payments. The case is pending in federal courts and may have an impact or embarrassment throughout the cryptocurrency industry, as other token issuers may also face more censorship of unregistered securities transactions.

 

While it is not certain whether Llyr's departure will have an impact on the legal battle, it is certain that Ripple to usd price has fallen below $0.3 since the news of Llyr's departure was revealed. And Llyr’s departure has to cause people to think about this case. Ripple has been plagued by this case for a long time. Does Llyr’s departure indicate a bad result of this case? What is the real reason behind the departure of ripple’s general counsel? Do you think this will have an impact on the legal battle? You can pay more attention to the xrp news if you want to get more info next.