Ripple’s attorney John E Deaton shed light on the XRP ledger’s growth trajectory. Retweeting a post by XRPL Labs’ lead developer Wietse Wind, Deaton noted that XRP Ledger now has a testnet that allows smart contracts to be built by community developers and not just Ripple’s.
The tweet comes close on the heels of the legal expert’s recent comments weighing on its tussle with the SEC.
Deaton warned that an unfavorable ruling in the U.S. Securities and Exchange Commission lawsuit against Ripple would be bad for crypto.
The managing partner of the Deaton Law Firm said the outcome of the SEC lawsuit alleging that XRP is security will determine the fate of other existing altcoins.
The SEC is not only alleging the way Ripple offers and sells XRP is illegal but that ALL XRP are unregistered securities. It’s the functional equivalent of claiming the oranges or groves in SEC v. W.J. Howey Co. were securities. If successful, then almost every other altcoin is security.”
To strengthen its legal fight against the SEC, the Blockchain payment firm has recently hired two Kellogg Hansen lawyers.
Ripple rolled out Hooks Builder
A few days ago, Ripple’s XRPL Lab launched Hooks Builder, which enables smart contract functionality to the blockchain, where developers can control the transaction flow/behavior by embedding “hooks” – small units of code.
Project lead Wietse Wind, who designed Xumm, shared the new development with the XRP community via his official Twitter handle.
Wietse Wind wrote,
“One of the biggest things for the XRP Ledger (but I’m biased). Today the world can build “layer 1” smart contracts on the XRP Ledger, with our now published browser-based “Hooks Builder”, on our live “Hooks Testnet”. All the Hooks source code is now public + PR to rippled.”
The blockchain firm also revealed that it’s also working with another development organization named Equilibrium to make everyone familiar with Hooks.
“To allow everyone to get familiar with Hooks, build them, test them, share them, break them, we also worked with great people at Equilibrium.”