Scott Chamberlain | 🏴‍☠️ 🪝 @scotty2ten Twitter profile

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Scott Chamberlain | 🏴‍☠️ 🪝

3 years

Let me share the most mentally taxing thing I’ve done, outside of writing screenplay. (To paraphrase Gene Fowler “Writing (crypto legislation) is easy. All you do is stare at a blank sheet of paper until drops of blood form on your forehead.”) 1/20

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

11 months

I think this is more significant than people realise. Yes, the SEC can appeal later, but it is stuck with shitty factual record that makes successful appeal much more difficult. It also means Supreme Court is less likely destination - there’s no major legal questions to decide,

James K. Filan 🇺🇸🇮🇪

@FilanLaw

11 months

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Judge Torres has DENIED the SEC’s Motion to File an Interlocutory Appeal.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Not sure this line from @Ripple ’s Q3 report has received the love and attention it deserves… 🎉🎉🎉

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

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.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

My bet: Judge Torres denies the request. She studiously avoided new law. She found the token is not the security, accepted the SEC’s characterisation of the transaction “buckets” to be analysed, and simply applied Howey and its progeny to the SEC’s chosen buckets. SEC failed

James K. Filan 🇺🇸🇮🇪

@FilanLaw

1 year

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: SEC Files Letter outlining its basis for filing a Motion for Leave to File an Interlocutory Appeal regarding “Programmatic” offers and sales to XRP buyers over trading platforms and Ripple’s “Other Distributions.”

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Imagine a football game where the new umpire says the way you've played the game for the last 7 years was illegal, the old rules were just the previous umpires' personal opinions, and the new rules are contained in a secret blank book he plans to rewrite after each court case...

Gary Gensler

@GaryGensler

3 years

Imagine a football game w/o referees. Without fear of penalties, teams start to break rules. The game isn’t fair & maybe after a few min, it isn’t fun to watch. Without examination against & enforcement of our rules, we can’t instill the trust necessary for our markets to thrive.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

@Ripple couldn't have fought so well without all your help, Brian... oh, wait...

Brian Armstrong

@brian_armstrong

3 years

The Ripple case seems to be going better than expected. Meanwhile the SEC is realizing that attacking crypto is politically unpopular (because it harms consumers).

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Big day today - we've published our White Paper for Evernode - a "layer 2" smart contract platform for the XRP Ledger. You can check it out here:

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

XRP holders getting an unwanted front row seat to the titled playing field called "Sued by the State". Govt lawyers are just people, but with Govt resources they can be tyrants. No one else gets to spend so much on so little to protect so few for so not the right reasons...

James K. Filan 🇺🇸🇮🇪

@FilanLaw

3 years

#XRPCommunity #SECGov v. #Ripple #XRP Ripple defendants have filed an objection to the SEC's request for additional time to file a motion for reconsideration of Judge Netburn's DPP ruling.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Wow. A full paper on SEC regulatory uncertainty without mentioning $XRP or SEC v @Ripple ? That’s quite an eye-popping omission for a US crypto-industry association. Does @BlockchainAssn only represent “blocks” and not “ledgers”...?

Jake Chervinsky

@jchervinsky

2 years

"The novelty of cryptocurrencies requires novel regulatory policies, but the SEC still relies on the Securities Act of 1933." A fantastic paper on the SEC's "inconsistent attempts" to regulate crypto from my @BlockchainAssn colleague @sarahamilby 🔥 Read:

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

11 months

So, new and last prediction: this case settles before trial. There’s not enough meat left on the bone and this decision gives SEC everything it needs to prevent the case from being a precedent that exchanged based sales are never investment contracts. Take the L, cauterise the

James K. Filan 🇺🇸🇮🇪

@FilanLaw

11 months

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Judge Torres has DENIED the SEC’s Motion to File an Interlocutory Appeal.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

4. If I were a little guy fighting an injustice, @JohnEDeaton1 is the attorney I’d want in my corner. Old school lawyering of the highest order. Infinite respect.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

It’s pretty clear the @SEC_Enforcement is a bad faith regulator with respect to crypto. The invitation to “come in and have a chat” isn’t about helping you comply, but about identifying potential non-compliance the SEC weaponise to win the jurisdictional war for crypto...

John E Deaton

@JohnEDeaton1

2 years

@chrislarsensf did a presentation in 2013 to the SEC, FedReserve, FinCEN and others on #XRP . He settled w/ FinCEN in 2015. @Ripple @bgarlinghouse @JoelKatz met w/ SEC 2018-2020. @LBRYcom @jeremykauffman cooperated for over 3 yrs. All of them have been or about to be sued by SEC.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

5. Because of 2 and 3, the case settles. I happen to believe the SEC underestimated that most of Ripple’s sales occurred on overseas exchanges through algorithmic trading. Once overseas and secondary market sales are excluded, there’s insufficient meat left on the bone.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

Round trip/Bart Pattern. Market not seeing any importance to XRP in Hinman emails? Or just further proof Ripple’s efforts don’t really affect XRP price?

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

These two paragraphs leap out. If this is their view - tokens are not investment contracts because investment contract requires a contract and secondary market sales come with no contracts attached - then it is indefensible that @Coinbase delisted, and has not relisted, XRP...

James K. Filan 🇺🇸🇮🇪

@FilanLaw

1 year

#XRPCommunity #SECGov v. #Ripple #XRP In the SEC v. Wahi case, Coinbase has filed a Motion to File an Amicus. Argument and full brief below.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

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...

James K. Filan 🇺🇸🇮🇪

@FilanLaw

3 years

#XRPCommunity #SECGov v. #Ripple #XRP Defendants Ripple and Larsen file Motion to Compel the SEC to answer interrogatories identifying the SEC's theory of how the Howey Test applies to virtually all of Defendants’ transactions in XRP over the last 8 years.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

In short, the SEC won on the law and lost on the facts. They shouldn’t be allowed to appeal the law they won on so it can be adjusted to the facts they lost on. That will just raise new legal issues, lead to further appeal points, and complicate everything. They should wait until

James K. Filan 🇺🇸🇮🇪

@FilanLaw

1 year

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple files it’s opposition to the SEC’s anticipated motion for leave to file an interlocutory appeal.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

Neither side gets everything it asked for because neither side had impeccable arguments for everything it wanted. What leaps out is how sharp, rigorous, and utterly impartial Judge Torres is.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

1 year

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Judge Torres issues Ruling on Parties’ Motions to Preclude Expert Testimony.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Three things. 1. The SEC conceding that #xrp per se is not now a security - because exchanges can then re-list and Ripple can do a deal and move forward. 1/4

Dylan Pirru

@dylanpirru

3 years

@scotty2ten In your opinion what breaks the status quo? Would favorable discovery documents garner enough leverage for a settlement? Seems to be the only remaining items outside of striking fair notice defense.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Congrats @JohnEDeaton1 ! That's quite a dividend for the balls and sweat you've invested on behalf of +22k otherwise disenfranchised #xrp holders.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

3 years

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: 1/3 Court gives @JohnEDeaton1 power to brief questions of law on behalf of Individual Movants. This is a HUGE win for the #XRPCommunity because the interests of the Individual Movants and the #XRPCommunity are aligned.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

3. Summary Judgement dismissing the part of the case that asserts XRP itself is a security - no precedent supports the digital asset itself being a security. This claim was a contrivance for the SEC not to have to prove each sale and to avoid the problem of overseas sales.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

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.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

The logic of the @SEC_Enforcement case continuing to haunt it. Alleging 1700+ contracts for sale of XRP over 8+ years are securities... means you must particularise why 1700+ contracts over 8+ years are securities... and that means you really should have read them first...

James K. Filan 🇺🇸🇮🇪

@FilanLaw

3 years

#XRPCommunity #SECGov v. #Ripple #XRP 1/2 The Ripple defendants file their opposition to the SEC’s request for a telephone conference in order to seek a protective order relieving the SEC of any obligation to respond to the Requests for Admission ("RFA").

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

I’m not sure if Hinman is corrupt. I don’t have a horse in that race. But the @SECGov conduct's after Hinman’s speech makes the whole thing so damn sketchy. Fair warning: a rant follows...

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

4. What proceeds is a limited case about whether any of Ripple’s sales of XRP in the US involved an unregistered investment contract.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

9 months

For those playing along at home... we’ve updated the validator to vote in favour of the AMM amendment. We now support all amendments currently up for voting.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

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:

Jorge Stolfi

@JorgeStolfi

1 year

Dear Dr. @GaryGensler , please appeal as soon as possible the court ruling that found that XRP is at the same time a security and not a security. Otherwise the Universe will have to be split into two parallel ones, one where XRP must file an S-1 and one where it does not.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

7 years

The more I read from #xrp FUDers the more I’m convinced some people just cannot get the difference between payment and settlement. Instant payment is easy. Instant settlement is where the value is unlocked. And #xrp is the key.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

3. There is little doubt @JohnEDeaton1 ’s efforts impacted here. +75k people vs 1 SEC expert whose testimony on XRP holder’s motives has been cut. “Kick at the darkness until it bleeds daylight” as the lyric goes.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

2. The caveat: the SEC’s expert had his testimony on why people bought XRP excluded. It’s unclear what if any evidence remains on record to support the SEC argument that anyone bought XRP expecting profits solely or substantially from Ripple’s efforts. This might be fatal to SEC.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

11 months

Unfortunately it seems Gary is just the type of guy willing to spend 3 years and 300million vaingloriously pushing shit uphill on his pointy stick…

John E Deaton

@JohnEDeaton1

11 months

Scott wins best comment of the night: “Now it [the @SECGov ] has to push shit uphill with a pointy stick if it wants to win.”

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

4 years

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

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

I think this decision is really simple. It only seems complex because of Gaslighting Gensler’s Reign of FUD. Institutional Sales look like investment contracts (parties, terms, lockups, marketing materials) - so they are. Everything else doesn’t look like an investment contract

James K. Filan 🇺🇸🇮🇪

@FilanLaw

1 year

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Judge Torres has issued her Ruling on the Parties Motions for Summary Judgment.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

“Except the XRPL. We were quite prepared to throw XRP to the wolves because...reasons.”

Brian Armstrong

@brian_armstrong

1 year

4/ We are proud to stand up for our customers and the industry in these moments.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Summary of the two briefs: two different views about “investment contract” and a common enterprise. Investment Contract Ripple: an investment contract requires a contract with obligations on the issuer SEC: there only needs to be an investment and an expectation of profit

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple Labs, Brad Garlinghouse and Chris Larsen file Motion for Summary Judgment seeking judgment as a matter of law.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Thanks @JohnEDeaton1 for the shout out. A short thread on why we chose the XRPL for Evernode. The way Evernode is designed it could be a stand-alone chain or “nailed” to any layer 1 chain with sufficient smart contract capabilities to issue tokens and function as a message board.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

On Sidechains, #Hooks , and #Evernode Hooks is not remotely like codius. They’re different and better because they exist on layer 1. I can’t explain just how awesome Hooks are for all kinds of use-cases. Evernode is not codius reborn. It’s its own thing that can’t exist on the

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Easy to overlook @JohnEDeaton1 's cajones. Ridiculed by "experienced" crypto "lawyers". He saw injustice & fought it. Old school. "Nothing worth having comes without some kind of fight. Got to kick at the darkness 'til it bleeds daylight". Did Steve & Jake ever apologise, John?

Eleanor Terrett

@EleanorTerrett

3 years

Here it is. The piece we’ve been working on for 2 months and my very first investigative report. As @CGasparino has mentioned, we’ve reported the facts fairly and to the best of our ability and made a conscious effort to give everyone mentioned a voice.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Self-KYC on the #XRPL . Today we published a demo of our iXRPL Self-KYC solution running on a global 3-node cluster of HotPocket nodes. (I'm no @ReinhardCate so the production values a bit "independent film/passion project") 1/5

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

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

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Ouch...

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: MAGISTRATE JUDGE NETBURN DENIES THE SEC'S ATTORNEY-CLIENT PRIVILEGE CLAIMS. "THE PREDOMINANT PURPOSE OF THE COMMUNICATIONS WAS NOT TO PROVIDE LEGAL ADVICE. THE DOCUMENTS MUST BE PRODUCED."

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

After further thought, four key takeaways for me: 1. It seems more likely there will be a trial because this decision results in conflicting expert testimony that muddies a summary judgement application. So many facts at issue. There is a caveat, though...

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

So you used Binance AU to hold your $XRP for the $FLR airdrop and now you want your $SGB. Well, sucks to be you… /1

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

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

David "JoelKatz" Schwartz

@JoelKatz

2 years

The XRPL (the world’s FIRST DEX) presents a huge opportunity to expand on its promise of fast, affordable liquidity. As many contribute to its evolution, I often hear, “how is the XRPL DEX unique?” or “how can I access it?" I took some time to explain:

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

It seems ironically “on brand” that @GaryGensler would publish his just-my-thoughts-not-SEC-thoughts-but-still-market-guidance-so-you’re-all-on-notice behind a paywall...

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

1/Finally had time to review this. It is excellent, especially for non-Ripple holders XRP and uses of the XRPL. Some thoughts:

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v. #Ripple #XRP The Blockchain Association has filed a request to file an Amicus Brief.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

I think a crucial distinction is SEC has alleged “XRP is a security” so the entire chain is threatened. If they only alleged Ripple sold XRP as part of an Investment Contract then there would be no threat, no price suppression - and no case because it would have settled long ago

Fredo Ayala 🏴‍☠️

@Fayala_brash

1 year

So now you have somewhere between 80K and 5 million people waiting for a lawsuit end on a centralized entity for the price to go up. Yet its "not" a security, Okay fine but how does ripples marketing interact with this ?

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

SEC getting pummelled! Coinbase: FND is justified. Valhil: XRP=useful currency. STB: XRPL= tokenisation utility. Deaton: retail never expected profits from Ripple. BA: token can’t be security in secondary sales. ICAN: Major questions doctrine protects crypto from SEC🔥🔥🔥

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v. #Ripple #XRP Valhil Capital, LLC has requested permission to file an Amicus Brief in support of the Ripple’s Defendants’ Motion for Summary Judgment. The proposed brief is Exhibit A.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

This ongoing charade is so egregious. Its sows confusion. If @GaryGensler is not official SEC position he shouldn’t be invited and shouldn’t speak. He should be told to shut up and sit down in the audience with the plebs while someone with a *usefully offical* view speaks.

paulgrewal.eth

@iampaulgrewal

1 year

The SEC also said that the public statements by Chair Gensler are not formal guidance or policy statements from the SEC and the public cannot rely on them as such. 5/7

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

8 months

Locked and loaded on @XahauNetwork Painless process to import xrpl address and add trustlines on xahau. @GateHub ious were unexpected bonus option. Great job @XummWallet and @nixerFFM (import xapp creator)

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

5 years

Very pleased to be able (finally) to officially announce ANU's inclusion in @ripple UBRI. We've already launched our first research project. If you're a dev in the xrp/codius/ILP space and you want to collaborate with academics to scale justice, DM me!

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Having seen some of the NFT projects proposed for the XRPL, I think the market is asleep on this one. When your transaction takes ~3 seconds and costs a-fraction-of-a-fraction of a penny, the power and usefulness of things you can do with NFTs and Metaverses explode...

𝙽 𝙸 𝙺 𝙱

@nbougalis

3 years

I know how long people have waited for this so I'm excited to let everyone know that the XLS-20-based NFT-Devnet is now available for anyone who wants to begin testing the proposed native NFT extensions to the XRPL.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

A dishonest submission. Do "model litigant" rules and "don't mislead the Court" mean nothing in US? The submission contradicts 1) all SEC's earlier submissions, 2) the Court's finding that the speech was his personal opinion, and 3) THE SPEECH ON ITS BLOODY FACE! (cf footnote 1)

James K. Filan 🇺🇸🇮🇪

@FilanLaw

3 years

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a Motion for Reconsideration and Clarification of Magistrate Judge Netburn's DPP Ruling. It is below.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

11 months

@freddyriz Gary: This is a disaster. How do we win from here? Baldric: I have a cunning plan, my Chair. All we need is a pointy stick…

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Scott, you say Hooks will rock my world. How? What’s so special about Hooks? Well, I’m not a dev, but I have tried to build multiple PoCs on the XRPL. Hooks is one of the missing pieces (NFTs and Evernode are the other two) Let me try to explain. 1/13

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Cracking thread from @JohnEDeaton1 . SEC is not alleging XRP was sold in an illegal way, but that XRP is illegal to sell in any way because XRP is a share in a "common enterprise", being the XRPL. All US crypto is endangered if fully-functional blockchains are common enterprises.

John E Deaton

@JohnEDeaton1

3 years

What is unreasonable is the SEC abandoning all truth and law and arguing absurdly: “the very nature of XRP in the market” & “the nature of XRP itself” make all #XRP securities. Note the quotations. This language is directly from the Complaint filed against Ripple and #XRP .👇

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

4 years

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. h https://dev.to/wietse/hooked-1-smart-contracts-on-the-xrp-ledger-5eb6 1/n

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Hooks will rock your world... any xrp “influencer” not on top of Hooks is an empty shill...

XRPL Labs 🪝

@XRPLLabs

2 years

🛠️ On track for a new release of our Hooks testnet this Q2. One of the final Beta releases. The Hooks feature adds layer one smart contracts to the XRP Ledger (without bloating TPS / fees like on other networks / technologies). Background:

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

MiCA - the EU’s proposed new crypto regulation - will be a disaster if its definitions are not adjusted to match its intent before it is enacted.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

Seen a bunch of posts about hooks+evernode vs flare. Building in this space is hard. Nobody knows what truly works yet. You’re dancing naked in public and a little humility is necessary. Hooks + Evernode is my best bet as to what will work. That doesn’t mean I *know* it will

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Gary Gensler

@GaryGensler

3 years

If someone asks a lawyer, accountant, or adviser if something is over the line, maybe it's time to step back from the line. Going right up to the edge of a rule or searching for some ambiguity in the text or a footnote may not be consistent w/ the law & its purpose. (1/4)

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

@attorneyjeremy1 @SEC_Enforcement is going for the Humpty Dumpty Defence: “The nature and purpose of Hinman’s Speech was whatever it needs to be to convince Your Honour that we should not be ordered to let anybody know how or why it was crafted.”

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

@jchervinsky everybody was that bitcoiner when the only target was @Ripple ...

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

The big loser from this decision is... ETH! Turns out the Ethereum_Free_Pass_NFT was just a jpeg on Hinman's laptop and now its been deleted...

James K. Filan 🇺🇸🇮🇪

@FilanLaw

3 years

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: DPP Decision: Ripple's motion is GRANTED in part as to Parts A, C-F, H-K, N, and P of Entry 1 of Appendix A, and GRANTED in full as to Entry 9 of Appendix A. To the extent the SEC believes discrete portions of the notes in

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

All without a single public announcement the SEC is willing or required to stand behind in court. Why? Why launder Hinman's personal opinion as market guidance if you disavow it under oath? It stinks. It's unfathomable for an agency with fair notice obligations.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

I read lots of XRP holders complaining about Justice Torres taking a long time. Taking only a couple of months to decide this case would be amazing... Courts take time, some unreasonably so, as this example from my home jurisdiction shamefully shows...

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Expect more delay. The SEC didn’t ask for an injunction precisely so there’d be no prejudice from delay. And Judges want to be right, not punctual. So the Court is patient, the SEC has infinite resources, and Ripple can’t yet claim prejudice. The SEC can do Ripple slowly. 1/2

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v. #Ripple #XRP In a Text Only Order, Magistrate Judge Netburn has granted the SEC's request to file a reply brief in connection with the SEC's attorney-client privilege claims regarding the Hinman speech documents. The SEC's reply is due by May 18, 2022.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

This Bill introduced into the US Senate. It seems comprehensive and reasonable (in so far as if the US wants to provide regulatory clarity there are far worse ways of doing it). It would be good news for #XRP if passed.

Beyer Introduces New Legislation To Regulate Digital Assets | U.S. Representative Don Beyer

beyer.house.gov

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

Fun Xahau facts: 1. The token is called *Xahau XRP*. The ticker is XRP+ 2. And XRP+ is just the suggested ticker. The exchanges might not adopt it. Tickers are hard because most are already taken. 3. Xahau Ledger isn’t a canary. It’s just agile. Its the ecosystem’s cruiser to

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

5 years

The correct headline would be: “Case so flawed Ripple doesn’t even have to argue XRP is not a security to have case dismissed”

CoinDesk

@CoinDesk

5 years

JUST IN: @Ripple has avoided arguments over whether XRP is a security in its new motion to dismiss a class action lawsuit. Report by @nikhileshde

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

8 months

Now that the #XRPL has an ecosystem with multiple sidechains, here’s a minimalist vision for that ecosystem: 1. Same address and keys: You can have the same r-address and keys on each chain. 2. 2 Way Burn2Mint for native tokens: each chain’s native token can be burned and

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

I have a new theory and I'd be willing to stake money on it. It's this: Somewhere in the SEC docs is correspondence showing Hinman's speech was a deliberate strategy to solve the following problem: 1. A meaningful faction within the SEC wanted to give ETH certainty.

Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

The SEC is playing a pea-and-thimble trick. It doesn't declare individual things not to be securities, it just decides not to assert that they are. Only the court make binding rulings. Having Hinman issue a pretend personal opinion solved this problem for ETH and the SEC.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

The SEC’s position is far more tortured. That is immediately obvious from its contents page.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

This passage from the Voyager decision is insane. The *SEC staff* are taking to the courts positions *the SEC* doesn’t hold. Its the same pea-and-thimble trick they payed in @Ripple . What a busted-arse, out-of-control regulator. Surprised the Court didn’t call this out.

paulgrewal.eth

@iampaulgrewal

1 year

Everyone committed to the rule of law should read J. Wiles' Voyager decision. These are remarkable statements from a federal court with no skin in the game other than calling things as they are.🧵⬇️ /www.nysb.uscourts.gov/sites/default/files/opinions/312840_1170_opinion.pdf

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

@JohnEDeaton1 is a legend. No lawyer is making a greater effort to move the crypto legal needle in the US…

Jeremy Hogan

@attorneyjeremy1

2 years

First word from the SEC v. LBRY hearing: The SEC admitted on the record that the token itself is not a security. Good job Mr. Deaton!

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

The logjam is the SEC's failure/refusal to properly plead why #XRP is a security. It either doesn't know or doesn't want industry to know. That failure enlivens the fair notice defence, prevents settlement, and prevents the XRPL community from ensuring #XRP isn't a security. 4/4

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

6 years

Congrats Ripple! Looking forward to working with the team as we push the envelope on what’s possible for Blockchain and smart contracts in the legal/regulatory space at the ANU College of Law.

Ripple

@Ripple

6 years

We’re committing $50M to top, global universities to further #blockchain research, tech and talent for our new University Blockchain Research Initiative!

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

5 years

Thou. Shall. Not. Pass! #xrp Sell wall on Binance. Whale manipulation in real time?

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

A heated coffee mug! Thank you @ripple for the swag. Really enjoy being a part of your great #UBRI program...

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

We’re involved in launching @XahauNetwork because it has the Hooks @EvernodeXRPL needs. It will unlock a new universe of use-cases for developers. We may fail. New chains are hard. But for those hodling XRP and hoping, B2M is your friend, your hedge against Xahau succeeding

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Hooks will rock your world, people…

🌸Crypto Eri 🪝Carpe Diem

@sentosumosaba

2 years

That was exciting! @HammerToe executed a HOOK on the #XRP Ledger. Hooks add smart contract functionality with custom code to influence the behavior and flow of transactions. These small, efficient pieces of code allow logic to be executed before and/or after transactions.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

6. Lack of clarity gives it optionality and protection. Its argument can be whatever it needs it to be to win. Its policy can become whatever emerges as the winner from court. Its vagueness protects from being wrong.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

No dates are firm. New motions will be used to extend old deadlines. Notice how every motion Ripple files to protect itself results in more motions and delay. The faster Ripple tries to go the boggier the ground becomes. This is litigation against an unethical regulator.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Hooks will rock your world, people. Come join in the fun!

WietseWind (🪝🛠 Xaman @XRPLLabs)

@WietseWind

2 years

Still sinking in that the XRP Ledger now has a testnet offering smart contracts. Real ones. Layer one. By community devs, zero Ripple developers involved. Guess it's time to educate the crypto space that some of the FUD really makes no sense. Build:

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

No pre-sale or ICO is planned. The protocol would be launched, fully-functioning without pooling of any funds for development. We propose to distribute Evers over 10 Epochs, with each Epoch involving the distribution of 2,580,480 Evers.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

11 months

I have a cunning plan. Everyone mail Gary a pointy stick…

John E Deaton

@JohnEDeaton1

11 months

Scott wins best comment of the night: “Now it [the @SECGov ] has to push shit uphill with a pointy stick if it wants to win.”

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Common Enterprise Ripple: common interest does not equal a common enterprise SEC: fungible token creates a common enterprise bc everyone has a common interest in “number go up” Ripple: an ecosystem is not a common enterprise SEC: XRP ecosystem in a common enterprise

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

Well, there’s one XRP holder who didn’t expect to profit from Ripple’s efforts...

Cointelegraph

@Cointelegraph

2 years

After eight years of methodically dumping XRP, it looks like Stellar co-founder Jed McCaleb’s XRP journey is on track to end in July. He only has 81.5 million XRP left to sell.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Before Evernode can exist, HotPocket must be finalised and work, Sashimono must be finalised and work, Hooks must be finalised and implemented, and all three must work in concert. The best way to help make Evernode real is to participate in testing Hooks on the XRP Ledger.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

3. The SEC losing its fight to strike the fair notice defence - because I don't think it wants to risk a precedent that effectively says regulation by enforcement in this space is a breach of its fair notice obligations. But that only drives the SEC back to point 1 and 2. 3/4

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

11. The SEC didn’t even properly put secondary sales before the court. It half-arsed it and fell between the cracks. And @JohnEDeaton1 was the dude who shoved them there.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

10 months

The worst person to trust is an @SECGov official giving their personal opinion in a public forum…

U.S. Securities and Exchange Commission

@SECGov

10 months

Careful what you read on the internet. The best source of information about the SEC is the SEC.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

And that's just off the top of my head. This case is an embarrassment. Woefully mendacious way to regulate via litigation... Would not be surprised if they pull a Hail Mary attempt to amend pleadings to include fraud just to stall the fair notice strike out motions.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

Could've been you, Brian, could've been you...

Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

@Ripple couldn't have fought so well without all your help, Brian... oh, wait...

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

More big news. Until you start developing on the XRPL you don’t realise that only XRP can be escrowed or benefit from payment channels. This amendment means issued assets can also access these features, enabling new use cases and business models.🔥

WietseWind (🪝🛠 Xaman @XRPLLabs)

@WietseWind

2 years

😎😮🤩

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

The XRPL burns fees rather than pay them to validators. Has anyone thought about how this impacts proposed sidechain bridges? The locked vs minted assets will never match…

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

3 years

2. The SEC properly particularising its claim to detail exactly what it claims makes #xrp a security - because the #XRPCommunity can then ensure the #XRPL meets that standard and then 1 above applies. 2/4

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

1 year

If the expert opined on the law or Howey, that part was struck. If the expert purported to know other’s motives (why buy XRP) or the future (the XRPL w/ Ripple) without a rigorous methodology, that part was struck. If your expert disagreed with another expert that part stayed.

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

@EvernodeXRPL is a successful awardee in the latest Xrpl grants wave. Very grateful for this support @Ripple @RippleXDev . Congrats to the team for their hard work.

Evernode🪝

@EvernodeXRPL

2 years

Full steam ahead (after a few weeks sorting out legals) Thank you @Ripple @RippleXDev

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Scott Chamberlain | 🏴‍☠️ 🪝

@scotty2ten

2 years

👇 This is the truly egregious nature of Gary Gensler’s tenure at SEC. It’s one thing to be told you’re breaking the law. It’s quite another for a regulator to refuse tell you how you can comply with the law.

LBRY 🚀

@LBRYcom

2 years

The most fucked up part of this whole situation is that even after five years of fighting and a court ruling, we still honestly do not know how to legally launch a public blockchain in the US. Does anyone?

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