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Crypto Company Ripple Announces Stuart Alderoty as General Counsel

Stuart Alderoty, general counsel of Ripple.

After nearly five months without a general counsel, Ripple Labs has hired a new top lawyer.

The San Francisco-based cryptocurrency company announced Stuart Alderoty as its new GC on Wednesday. Alderoty will oversee all things legal, managing the company's global legal, policy and Bank Secrecy Act compliance teams. Ripple began rapidly growing its legal team last year.

Alderoty will report to chief executive officer Brad Garlinghouse.

"Blockchain technology is transforming the financial services industry and Ripple has been at the forefront for both its technology and thoughtful approach to policy," said Alderoty in a press release. He was not immediately available for comment. "I am thrilled to join Ripple and work alongside this great team Brad has assembled as we find new ways to partner with leading policy makers and continue to create significant solutions for Ripple’s users and end-customers throughout the world."

Ripple's previous general counsel, Brynly Llyr, departed in September 2018 for a GC role at cryptocurrency company Celo. She spent almost two years at Ripple, according to her LinkedIn profile.

In the months leading up to her departure, Ripple was hit with a series of suits alleging the company should have registered its XRP offering as a security with the U.S. Securities and Exchange Commission.

Alderoty also inherits the complicated and uncertain regulatory landscape all cryptocurrency companies currently face. Ripple recently filed its first individual federal registration for lobbying disclosures. In the filing, Ripple identified an interest in lobbying on H.R. 1102, a resolution aiming to express support for cryptocurrencies and blockchain and the formulation of policies.

He'll bring more than 30 years of legal experience, including several in-house leadership positions, to his new role. Most recently, he served as general counsel, executive vice president and corporate secretary of finance company CIT Group Inc. There he oversaw all legal, corporate governance and insurance risk management matters.

Prior to CIT, Alderoty spent six years as general counsel of HSBC North America Holdings Inc. He's also served as managing counsel for American Express. Alderoty was a litigation partner LeBoeuf, Lamb, Greene & MacRae before moving in-house.

"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," Garlinghouse said in the press release. "He brings a level of experience and expertise that will be vital in supporting not only Ripple’s growth but growth of the overall industry."

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