Ripple: Outside of the US nobody cares about SEC’s stand about XRP, the good will always win – Report

• A banking law expert says that SEC’s Howey Test is not a legit way to determine whether XRP is a security or not.
• Ripple’s new Hooks proposal plans to bring smart contracts to the XRP Ledger triggering massive buying by the whales.

As the SEC vs Ripple case continues to drag on further, experts have shared their opinion regarding what merits this case holds. Much recently, Ripple CEO Brad Garlinghouse stated that no one really cares about the SEC suing Ripple outside of the global markets.

As we know, Ripple offers solutions like RippleNet and XRP-based instant settlements to its partners across the globe. Using its solutions Ripple facilitates low-cost instant cross-border transactions by leveraging the power of blockchain technology.

In his recent interview, Garlinghouse stated that governments across the globe like Switzerland, Singapore, Abu Dhabi, the UK, Japan, and others have provided clarity on how they view digital assets. Garlinghouse has previously stated that the US has been lacking majorly in providing clarity over digital assets.

In another development, a banking law expert Todd Phillips said that the “Howey Test” isn’t the best way to judge whether an asset classifies as a security or not. “You also need a contract, post-sale legal obligations, and the right to share profit. If this becomes the test, then crypto assets are most likely commodities, giving the [Commodity Futures Trading Commission (CFTC)] jurisdiction,” he said.

Phillips also added that using the Howey Test will not be useful to the SEC in terms of regulating the crypto industry, and will have much wider implications. “If the SEC loses to this [argument], it could affect the SEC’s authority over non-crypto assets. Idk how deep a cut that would be, but the SEC wouldn’t be happy. Anyway, my guess is this is the argument Coinbase will use when the SEC sues it, and imo that case, is going to [the Supreme Court of the US (SCOTUS)],” he added.

Ripple’s Growth Continues, Crypto Whales Scoop XRP

Despite all the legal hurdles that Ripple has been facing in recent times, Ripple has continued to expand its services Currently, Ripple is on an expansion plan and seeks to hire Product Managers for its Product and Delivery as well as the RippleX departments. The company has nearly 78 job openings across different departments. In its recent tweet, Ripple said that it is looking for innovative and zealous talent.

On the other hand, crypto whales have been accumulating more and more XRP tokens amid the latest developments taking place on the XRP Ledger (XRPL). In one of its recent announcements, Ripple unveiled a new proposal dubbed Hooks.

Ripple added that Hooks is a proposal that will add smart contracts-like functionality to the XRP Ledger. It will be a Layer-1 custom code deployed to influence the behavior and flow of transactions.

As per the data from WhaleAlert, crypto whales have added more than 146 million XRP (approx worth $77 million) over the last 24 hours.