Ripple Hires Former CIT Group’s Executive as General Counsel

A massive Blockchain payments network Ripple has recently declared that the firm has got its new general counsel. The firm has finally got the position filled which was vacant for five months.

Ripple has recently hired a general counsel of its own who is an ex- HSBC general counsel, Stuart Alderoty. He was formerly working at CIT Group, a leading U.S. bank and commercial lender as executive vice president, general counsel/chief legal officer and corporate secretary. At CIT he was functioning over legal, corporate governance and insurance risk management matters. And now at Ripple, Alderoty is expected to work on its legal services and compliance. Ripple which has been operating without a general counsel in the firm will now benefit from Stuart Alderoty’s expertise and experience. The new general counsel will manage the legal territory related to its operations, along with issues involving Ripple associated cryptocurrency XRP.

Moreover, the general counsel at Ripple will be reporting to the CEO of the firm, Brad Garlinghouse. The CEO said, “As we continue to work with financial institutions and regulators across the globe to drive home the importance of fostering innovation while protecting consumers, I could not think of a better addition to Ripple’s leadership bench and our global legal team than Stuart.” He added, “He brings a level of experience and expertise that will be vital in supporting not only Ripple’s growth but the growth of the overall industry.”

Notably, Brynly Llyr, former general counsel at Ripple left his position at the firm in last September to join the crypto payments startup Celo. Now, the hiring of a position which was vacant since long was much required, as the firm is currently going through the crucial times. Ripple is facing a consolidated consumer lawsuit regarding XRP’s performance. The lawsuit is filed by the investors claiming that they lost money on XRP. They also accused the startup of selling the coin as unregistered security. The lawsuit is filed by Avner Greenwald, David Oconer and Vladi Zakinov. Reports also show that the lawsuit news has also affected XRP’s true market value.