Ripple GC leaves blockchain network to join crypto-payments startup as legal chief
Former PayPal and eBay lawyer takes new GC role amid legal claims against blockchain network
September 11, 2018 at 08:09 AM
2 minute read
The general counsel of prominent US blockchain network Ripple Labs has left the company to join cryptopayments company Celo.
Brynly Llyr, who has led Ripple's legal team out of San Francisco for the past two years, is joining Celo as general counsel. She is also a former in-house lawyer at PayPal and eBay, and spent more than five years at US firm O'Melveny & Myers.
Ripple is currently facing legal action in the US, amid allegations that the network's sale of 'XRP' tokens constituted the sale of unregistered securities.
Earlier this year, Legal Week sister title Corporate Counsel reported that Ripple had doubled the size of the in-house team under Llyr's leadership, including the recruitment of John Muller – a former general counsel of PayPal and former boss of Llyr while she served as senior legal counsel at the company.
Llyr joined Ripple in late 2016, just over a year before the value of the network's native cryptocurrency XRP exploded in value, reaching a market capitalisation high of as much as $100bn.
Ripple has brought in lawyers at Skadden Arps Slate Meagher & Flom and Debevoise & Plimpton – including former Securities and Exchange Commission (SEC) chair Mary Jo White – to defend it against various claims, which come amid growing SEC scrutiny of so-called 'initial coin offerings' – crowdfunding conducted via the blockchain.
Ripple currently controls the third largest cryptocurrency by market capitalisation, behind Bitcoin and Ethereum.
In a statement, a Ripple spokesperson said: "We can confirm that Brynly Llyr has moved on from Ripple. We're grateful to all that she did to help build an incredible team that will continue the work they've been focused on for the past year and beyond. We wish Brynly all the best in her next endeavour 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 uncharted industry."
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