The best most complete example of the xrp securities issue I've read... comes from Matt Levine's column at bloomberg. It's behind a paywall unfortunately...

However it's really thorough. Basically... shares of a stock, if sold on secondary markets between investor to investor, are absolutely securities. Facebook/Meta for example didn't 'sell more shares' to the public for years. The existing shares were traded simply among the retail public and yet they were absolutely securities. Just because it's a 'secondary market' does not make something not a security... when it is a security if sold to institutional/accredited investors.

Anyway, Levine is really really sharp and his article goes into way more detail, more convincingly than I ever could.

The subtitle says it all "Crypto tokens are securities unless you are anonymously dumping them on retail investors"