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FORM 4 ☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Baer Genevieve	2. Issuer Name and Ticker or Trading Symbol RYVYL Inc. [ RVYL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director                    _____ 10% Owner _____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle) 3131 CAMINO DEL RIO NORTH, SUITE 1400	3. Date of Earliest Transaction (MM/DD/YYYY) 10/17/2022
(Street) SAN DIEGO, CA 92108	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person
(City)        (State)        (Zip)	Rule 10b5-1(c) Transaction Indication ☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock par value $0.001 (1)(2)	10/17/2022		A		7140	A	$1.05	23427	D
Common Stock par value $0.001 (1)(3)	5/1/2023		A		9492	A	$0.79	32919	D
Common Stock par value $0.001 (1)(4)	5/1/2023		A		9375	A	$0.80	42294	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
(1)	Ms. Baer earns $2,500 worth of shares of Common Stock monthly, issuable on the 15th day of each month in the number based on the closing price of our Common stock on that date or the next trading day.
(2)	On October 17th 2022, as part of her quarterly compensation as a director of the Company, the Board of Directors of the Company granted Ms. Baer 7,140 shares of common Stock pursuant to the Company's 2021 Restricted Stock Plan, whereby 1/3 of the shares granted shall vest in 6 months, and an additional 1/3 of the shares shall vest each month thereafter. All shares will vest fully on June 14, 2023.
(3)	On April 17th, 2023, as part of her quarterly compensation for Q1 as a director of the Company, the Board of Directors of the Company granted Ms. Baer 9,492 shares of common Stock pursuant to the Company's 2021 Restricted Stock Plan, whereby 1/3 of the shares granted shall vest in 6 months, and an additional 1/3 of the shares shall vest each month thereafter. All shares will vest fully on December 12th, 2023. This grant was issued on May 1, 2023.
(4)	On April 17th, 2023, as part of her quarterly compensation for Q2 as a director of the Company, the Board of Directors of the Company granted Ms. Baer 9,375 shares of common Stock pursuant to the Company's 2021 Restricted Stock Plan, whereby 1/3 of the shares granted shall vest in 6 months, and an additional 1/3 of the shares shall vest each month thereafter. All shares will vest fully on December 12th, 2023. This grant was issued on May 1, 2023.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Baer Genevieve 3131 CAMINO DEL RIO NORTH SUITE 1400 SAN DIEGO, CA 92108	X

Signatures
/s/ Genevieve Baer		5/8/2023
**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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