As most have put some thought into this and curious about possible outcomes, I've looked into it a bit as well and going from the law, statements made and recent statements from the SEC, my theory on a possible outcome would be XRP was acting as a Security since Ripple publicly stated they had been selling to the open markets for revenue to continue their projects. Just last year they said that they were selling around 300million a month that the markets didnt see much of an effect so thats why they thought selling upwards of 1billion should not have an effect either.
The fact they hold a majority of XRP and sold for profit to the public, with the public investing hoping it would be used by banks etc. so as to gain in value would rule it a security to me and from what they said, regardless how they acquired them or that there no share holder rights.
I think a ruling could look like this, where the SEC or judge deems yes it was a security but because of its use cases and to protect investors, they would not rule it a security moving forward if Ripple burns their remaining XRP holdings, and buys back from the open market what they have sold, ie. if they sold 100mill to the public they need to buy back 100mill worth, and would need to buy any further XRP for use from the open market like everyone else.
The reason I say this is that I see it like this, there are 2 differnt types of XRP the XRP thats out in the open market we invested in and I would say it not a security, and then there is the XRP Ripple was gifted for free that they sell which I would say is a security, so to go about it a legal and fair way as to not screw over the public investors would be for the XRP Ripple holds to be gone, then problem solved, any XRP they use in the future would have to be bought from the open market ie. average joes like us which in turn would help keep our investments safe and let Ripple put their money where their mouth is, if they truly believe in it and want to use it the...