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Ripple Names New CFO as Cryptocurrency Firm Faces SEC Lawsuit

Ripple Names New CFO as Cryptocurrency Firm Faces SEC Lawsuit
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Ripple Labs Inc has appointed a new chief financial officer and is locked in a legal battle with US securities regulators over allegations that the company violated investor protection laws when it sold XRP, a digital asset.

The San Francisco-based startup named Christina Campbell as its chief financial officer on Tuesday. Ms. Campbell previously held the position of Chief Financial Officer for approximately five years until March at PayNearMe, a billing and payments company based in Santa Clara, California. Prior to that, she held senior positions at Green Dot Corp. , which is a bank known for issuing prepaid debit cards. Ron Weil, who took over as Ripple’s chief financial officer in 2017, was appointed in February as chief financial officer of Hinge Health, a San Francisco-based digital clinic that treats muscle and joint problems.

Ms Campbell’s appointment comes as Ripple is being investigated by securities regulators. The Securities and Exchange Commission sued the company in December, its CEO, Brad Garlinghouse, and founder Chris Larsen, for participating in an unregistered securities offering by selling XRP beginning in 2013. The case is seen as a test of the SEC’s approach. To regulate cryptocurrency.

MoneyGram International money transfer company company

In March, it terminated its partnership with Ripple after the Securities and Exchange Commission filed its lawsuit. MoneyGram has been using XRP and a platform for XRP remittances as an alternative source of foreign exchange. Under the agreement signed in 2019, privately owned Ripple paid MoneyGram to use its platform to help the startup expand into new markets.

As Ripple’s chief financial officer, Ms. Campbell will be responsible for setting the company’s financial strategy, according to a press release. Ripple agreed in March to acquire a 40% stake in Tranglo, a cross-border payments company based in Kuala Lumpur, Malaysia, as it looks to expand its business in Asia.

“Ripple is uniquely positioned to improve global payments in ways yet to be defined, and I am excited to be part of this solution,” Campbell said in the statement. Ripple refused to make it available for an interview.

On Tuesday, the company also appointed former US Treasury Secretary Rosa Gomatotao Rios to its board of directors. Ms. Rios was appointed by former President Obama and held the position for seven years until July 2016. The US Treasurer oversees the US Mint, the office responsible for dealing in coins, and serves as an advisor to the Secretary of the Treasury.

“We are extremely fortunate to have them on the team as we continue our rapid international growth and advocate for regulatory clarity in the United States,” Mr. Garlinghouse said in the statement.

write to Kristin Broughton at Kristin.Broughton@wsj.com

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