I have hesitated to write this post as I questioned its relevance, however with the recent response from the SEC regarding exchanges choosing to delist XRP on their own, now I think it is very relevant.
In early to mid 2019 the "XRP is a security" FUD was in full swing, it was annoying, its still annoying. I decided I would place a phone call to the SEC and just ask them out right. So I did exactly that. I reached out VIA phone, email, and web form. They were actually gracious enough to schedule a webex / zoom type meeting with me. During this phone call I spoke to a lady whose name I can't remember, she was very nice and eager to answer my questions. I asked in as plain language as I could "Does the SEC consider XRP a security?" She of course didn't know the answer right off, so she placed me on a lengthy hold and came back. She was a little less friendly, and deliberate after coming back, not rude, but IMO much more serious.
Her response was this "Ripple does not have any securities registered with the SEC", so I clarified my question. "I'm not asking if Ripple the company has securities registered, I am asking if the digital asset XRP is a security?" her response to this question was "the matter of if XRP is or is not a security is a legal question that I can not answer in this phone call and you should seek legal counsel to help you determine that"
The reason I chose to share this now, is her answer to the second question is very similar to the most recent response from the SEC, and IMO it seems like at least to some degree the SEC does not see itself as the final arbiter of XRP being or not being a security.