Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, published an opinion on June 17 arguing that XRP does not fulfil the criteria to be considered a security according to the Howey Test.
Giancarlo left the CFTC in April 2019, and he is no longer in charge of making such decisions. Perhaps even more questionably, he is now financially linked to Ripple, the biggest holder of XRP tokens.