Investing.com - Cryptocurrency inched down on Thursday, as Ripple hired a former HSBC general counsel to oversee its legal services.
The company has not had its own lawyer since September 2018 despite facing a consumer class-action lawsuit over its token coin XRP
XRP decreased 1.5% to $0.30862 as of 8:16 AM ET (13:16 GMT) on the Investing.com Index.
Stuart Alderoty, who previously worked at HSBC and CIT, will oversee Ripple’s legal, policy and compliance teams.
“Blockchain technology is transforming the financial services industry and Ripple has been at the forefront for both its technology and thoughtful approach to policy,” Alderoty said in a press release.
He joins the company as it faces allegations that it didn’t register the coin as a security before distributing it to investors. Its coin has also been criticized for its market value.
Earlier this month crypto analytics company Messari published a report claiming XRP’s liquid supply could be overestimated by 48%.
Cryptocurrencies overall were lower with the total coin market capitalization at $113 billion at the time of writing, compared to $114 billion on Wednesday.
Bitcoin fell 0.38% to $3,441.90 while Ethereum dipped 0.4% to $107.29 and Litecoin was at $31.399, up 0.2%.
In other news, Singapore issued warnings about “fraudulent websites soliciting cryptocurrency investments” and repeated its stance on digital assets.
“These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin,” the statement from the Monetary Authority of Singapore (MAS) read. The agency also reiterated that putting money in digital currencies is risky.