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.

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

It stamps your XRP account with a token from an identity provider that confirms you have KYC’d yourself and allows you to grant single-use access to the underlying data for exchanges seeking to confirm your identity. 3/n

It protects against fraud (e.g. deal only with stamped accounts) and solves the proposed FinCEN rule of KYC’ing private wallets. Everything is encrypted and decentralised and runs on unique consensus protocol Richard developed called HotPocket. We will showcase it soon. 4/n

But for other uses, we kept running into a problem: tokens on the xrpl are controlled by keys, not code. You can split the keys, but you always end up with someone controlling the secrets and those secrets have to be held somewhere. 5/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

It takes all of 30 seconds for the money to arrive in my bank account. It is a wondrous experience. At no time did I think I was purchasing a speculative investment product. Yet the SEC alleges that is exactly what I did. 3/n

To the SEC, all holders and sellers of XRP are holding and selling an investment contract issued by Ripple. This shows how useless their previous guidance has been. Here, a digital asset on a fully mature network is a security for everyone because… well, just because… 4/n

This case probably can’t settle. If XRP is a security it can’t comply with security laws *and* be used for any purpose by anybody except for speculative financial gain at the hands of the company that can’t use it to generate value for anybody because its a security. Nuts. 5/n