Ethereum not being a security has definitely cleared some smoke/speculation hanging over the market. Then we have the fact that the same questions that were asked of Ethereum can also be asked of other coins.
As you spoke I tried to document the facts for my own understanding:
Two dimensions to determine whether a crypto can be considered a security or not. 3rd party element and characteristics of the digital asset itself.
I assume that 'drive the expectation of return' to directly be able to gain form the increase in the value of the 'security' and as such hold it and promote it for that purpose. Not to forget the fact that he also said that the presented list of these characteristics is not exhaustive. The following is the list of 3rd party aspects:

1. A centralized group/person being significantly responsible for creation/support/promotion of the digital asset
2. Is this group still holding a stake in the digital asset and thus have a reason to promote the digital asset. Similarly other people holding the said asset believe that such promotion may benefit them (due to price increase)
3. More funds were gathered than need to start operation. How was this excess fund allocated and whether the promoter is still gathering funds with an eye towards increasing functionality of digital asset.
4. Are investors looking to make profit. That includes the fact that the instrument in question is sold to general public instead of potential users of the said network.
5. Does the application of 'Securities Act Protection' make sense.
6. Do other investors have decent say in the project

The list of characteristics of the digital asset itself:

1. User centric or speculation centric
2. Is the promoter able to influence the trading
3. Is the digital asset for personal use(consumption) or is it an investment
4. Is the token distribution such the users can buy when they need it and how much they need or the value of token changes so they might have to decide when to buy (at high price or low price) making the token a direct investment.
5. Token distribution to potential users or general public.
6. Is the asset widely distributed or a few people have a power of influencing the application
7. Application fully functional or still developing

.................Yeah Ripple is in trouble and I own a lot of it. Shit!!!

Took me half an hour but writing it down has cleared a lot for me.