Ripple Announces the Resignation of Its General Counsel

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Photo Credit: Bitcoinist

According to reports, Brynnly Lyr, the general counsel for Ripple has left her post, an office she had held since November, 2016.

Confirming the news of her decision to quit her position, the American technology company, Ripple stated that Lyr no longer works for the firm. According to a spokesperson from Ripple,
“We’re grateful for all that she did to help build an incredible team. We wish Brynly all the best in her next endeavor and the team here at Ripple looks forward to the next chapter, where we will continue to pave the way in this ever-evolving and unchartered industry.”

Prior to joining the crypto establishment in November 2016, Lyr was reported to have been working for E-commerce giant, eBay for four years and served as the company’s senior director of litigation. In 2015, she was appointed as senior director of patents, M&A technology at Paypal holdings.

Lyr’s decision to step down as the company’s general counsel is coming when the company continues to battle lawsuit over whether or not the company’s crypto token is a security. It would be recalled that investor, Ryan Coffey in May, initiated a legal action against the company.

The lawsuit which targets Ripple, XRP II, its subsidiary and CEO, Brad Garlinghouse states that the company’s sale of the its token clearly violates U.S securities law. Ryan Coffey stated that he lost $551.89 while trading XRP tokens and stating further that the company’s token is not genuinely decentralized.

While the court sitting in Northern District of California eventually ruled to deny motion to remand against the defendants, the court found that, “The parties candidly admit that their research failed to turn up any case directly addressing this question and the court’s own research fared no better.”

Ripple (XRP) is the third largest cryptocurrency, with a total market cap of around $11.6 billion. As at the time of writing this report, the token was trading at $0.29, down by almost 3 percent in 24 hours.