Adrien Treccani, CEO of the blockchain custody company Metaco, owned by Ripple Labs, has stepped down after an over eight-year tenure. Reports from Reuters on February 12 indicated Treccani's departure from Metaco, a firm he established in Switzerland in 2015. His LinkedIn profile confirmed he exited the company in 2023. Ripple acquired Metaco for $250 million in May 2023, aiming to bolster its offerings in custody, tokenized asset issuance, and settlement.

A Ripple spokesperson acknowledged Treccani's contributions, stating, “We value the robust custody business Adrien and his team have developed, and his role in seamlessly integrating the custody solutions with Ripple after the acquisition last year.”

In related news, BBVA has transitioned its crypto custody service to Metaco's Harmonize, now under Ripple's ownership.

The lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple in December 2020 accused it of selling unregistered securities. The legal battle has garnered attention for its implications on digital asset regulation in the U.S. In a significant turn, a federal judge ruled in July 2023 that the XRP token qualifies as a security only when sold to institutional investors. The case is slated for jury trial in 2024.