Top Legal Counsel for Ripple Exits Amid Continuing Security Controversy

At its concourse of dismissed class-action lawsuits grows, cryptocurrency magnate Ripple will move forward without its general counsel, Brynly Llyr.

Ripple Labs came under fire earlier this year while acting as the leading global blockchain solution for enterprise transactions.

Federal courts were called to investigate allegations against Ripple as being a securities platform, which requires government regulation, disclosure and investor accreditation.

Though the case was eventually dropped by Coffey, he alleged that Ripple acted as a conduit for XRP to create a profit for investors, and by acting as an unregistered security, violated state and federal laws.

Taylor-Copeland Law files suit against Ripple on behalf of XRP investors.

Llyr secured the top legal role at Ripple in November 2016, utilizing fintech expertise gained at eBay and PayPal as senior director of litigation and senior director of legal counsel, respectively.

"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."

Ripple specializes in liquidity on demand in real-time, which allows banks to forego the step of pre-funding nostro accounts.

Earlier this year, Ripple was accused of making illegal profits by fraudulent promotions, as per previous CryptoSlate reports.

Ripple's head of corporate communications Tom Channick maintains that regardless of any ongoing SEC speculation, XRP should not be classified as a security.