Former HSBC General Counsel Joins Ripple’s Legal Team
Ripple has announced in a press release that Stuart Alderoty, a former HSBC General Counsel will be taking over the role of General Legal Counsel at Ripple, January 30, 2019.
Welcome to Ripple
Since September 2018, Ripple, a blockchain-based payment processor found itself without any general counsel for legal services and compliance. However, this has changed with the hiring of HSBC’s former general counsel.
In his new post, Stuart Alderoty will be reporting to Chief Executive Officer Brad Garlinghouse, and his duties will include overseeing Ripple’s legal affairs as well as their global legal, policy and Bank Secrecy Act (BSA) compliance teams.
Alderoty has expressed excitement at the new role, saying:
“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.”
A Lengthy Track Record
Alderoty embodies over 30 years of legal experienced and had previously worked at CIT, where he was Executive Vice President, General Counsel, and Corporate Secretary, and was responsible for all legal, corporate governance. Other previous roles include stints at HSBC North America, American Express and as a partner at LeBoeuf, Lamb, Greene & MacRae.
Commenting on Alderoty’s well-decorated credentials, Ripple CEO Brad Garlinghouse said:
“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.”
His expertise in the financial world is extensive and it is expertise that Ripple needs at the time. They are currently facing a consolidated consumer lawsuit with regards to the performance of XRP, their native token.
Ripple is being accused of securities laws violations and is trying to prove that XRP doesn’t qualify as a security token under federal laws and thus, is not subject to securities laws. As of now, Ripple is attempting to have the case moved to a US federal court. This comes after the firm had settled a lawsuit with R3.
So far, the management at Ripple has expressed confidence in Alderoty’s expertise.
“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,”