Do hate XRP so much you can’t understand how it’s not a security, even though you’re a lawyer or legal academic? Well, let me try to enlighten you.

Follow the bouncing ball as we start with:

https://twitter.com/JorgeStolfi/status/1679693643471257600

1. The token is not a security. It’s just a thing. But it can be the subject of an investment contract, depending on the transaction or scheme involved.

With a decision in SEC v @Ripple seemingly nigh, I thought I’d do the stupid thing and predict 5 outcomes:

1. Summary judgement for Chris and Brad - I don’t think the SEC has anywhere near the evidence to support they knowingly or recklessly sold an unregistered security. 2. Summary Judgement for Ripple in Respect of Overseas sales - Ripple’s sales of XRP on overseas exchanges are not within the court’s jurisdiction. A wholly new precedent would be set to deem those domestic transactions finalised in the US.

1/ How XRPL, Hooks, & Evernode work in concert.

The XRPL doesn’t have programmable contracts. Instead, it has native smart contract-esque functions like the DEX, Escrows, Checks and (soon hopefully) AMMs. You can add IOUs, but only XRP can be escrowed & be counter-partyless 2/ So, the XRPL is fast and cheap, but dumb. It supports only centralised solutions, like Ripple’s RippleNet, and there’s limited business models available, as NFT promoters are finding.

It’s important the grandness of David’s vision for an AMM (automated market maker) on the XRPL DEX. AMMs are traditionally implemented via smart contracts. The XRPL doesn’t have smart contracts but it does have native commands that perform things smart contracts usually do. 1/6

https://twitter.com/JoelKatz/status/1540078683116822529

For example, the escrow function is something other chains need smart contracts to perform, but in the XRPL this function is available natively for xrp. The DEX, too, is a native function of the XRPL that other chains implement via smart contracts. 2/6

The @SEC_Enforcement seems psychopathic. It seems willing to say whatever it needs to say to win the issue before it, regardless of contradicting what it has said before. It actually has no coherent theory about the application of Howey to crypto. Just hand-wavy nonsense...

https://twitter.com/FilanLaw/status/1432893471816364032

I mean...to defeat the fair notice defence SEC cites Hinman's speech as guidance, then to defeat discovery of internal memos it says Hinman's speech was personal opinion. Then to claim DDP it asserts all work helping Hinman frame his speech were pre-decisional work products.

Seen lots of #“buidl” comments from the #xrpcommmunity. Now, more than ever, you should support changes like Richard Holland’s Hooks for the #XRPL . Let me explain why. hhttps://dev.to/wietse/hooked-1-smart-contracts-on-the-xrp-ledger-5eb6
1/n I’ve worked with Richard for several years trying to build on the XRPL. It’s cheap, fast, secure and has the potential to mint tokens. So, why not use it, right? For example, we worked on a self-KYC identity solution called iXRPL. 2/n

Read the SEC Complaint against Ripple. It’s bad for XRP and for all crypto, except BTC. It’s bad for XRP because it alleges all XRP are *at this very moment* securities in the US, not just the XRP Ripple allegedly bundled into an investment contract. 1/n Ironically, that would mean XRP can’t be used by anyone for any purpose *other than* speculation on Ripple’s success in the US. Go figure. The XRPL is a fully functioning network. I’ve used it to send value between exchanges to cash out in AUD through an ODL exchange partner. 2/n