Also here, very interesting read:
What does this mean for XRP? By applying the commissioner’s statements on XRP, then it is surely NOT a security. The XRP network is not being run by a central entity. Only 6% of the validators are being run by Ripple while only 27% of the default UNL. At the same time, there are many entities building/using the XRP network and the coins are being used in a functioning network, they are not investment contracts. Despite the fact that this speech by the Commissioner was quite bullish, we must not forget that these are her personal views and the whole security issue will not be over until the fat lady sings, or in this case until the SEC or the Congress act.