Blockchain-based payments company Ripple has announced the appointment of Stuart Alderoty as its general counsel to oversee all legal services and manage the company’s global legal, policy, and Bank Secrecy Act (BSA) compliance teams.
He succeeds Brynly Llyr, who parted with Ripple in last September.
Alderoty joined Ripple from CIT Group, a US bank and commercial lender, where he held the position of executive vice president, general counsel/chief legal officer, and corporate secretary since 2016 and was responsible for overseeing all legal, corporate governance, and insurance risk management matters for CIT and its operating groups, according to Bloomberg.
Prior to that, he served as an executive vice president and general counsel for HSBC North America following his leadership role as the managing counsel at American Express.
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Mentioning his new role at Ripple, Alderoty said: “Blockchain technology is transforming the financial services industry and Ripple has been at the forefront for both its technology and thoughtful approach to policy. I am thrilled to join Ripple and work alongside this great team Brad has assembled as we find new ways to partner with leading policymakers and continue to create significant solutions for Ripple’s users and end-customers throughout the world.”
Global Compliance is Essential
Alderoty’s appointment comes at a time when blockchain firms around the world are strengthening their compliance team to lay a path for global expansion. Coinbase, Tron, and Huobi – all made top-level recruitments in their compliance team earlier this month.
In addition, Ripple is also dealing with legal challenges as Ripple Labs faces a class-action lawsuit brought by a number of investors questioning if XRP is categorized as a security or not.
“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,” said Brad Garlinghouse, Ripple CEO. “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.”