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Former U.S. Securities and Exchange Commission (SEC) official Marc Fagel stated that the SEC might appeal the court ruling regarding secondary sales of XRP in the Ripple 
$2 case. This statement comes after a significant court ruling emphasized that primary sales of XRP are not considered securities. Fagel pointed out the possibility that the SEC may reconsider its stance on secondary market sales.
Possibility of SEC Appeal
Marc Fagel indicated that the SEC could contemplate appealing the decision regarding XRP secondary sales. While the Ripple case determined that primary sales of XRP are not securities, secondary sales were not included in that decision. Fagel mentioned that the SEC might aim to address this gap by targeting secondary sales.
Fagel remarked:
“The Ripple decision does not prevent another entity from suing if it sells XRP as a security.”
This statement suggests that the SEC will continue its evaluations regarding whether XRP is a security.
Legal Challenges and Industry Reactions
Attorney Bill Morgan questioned why Bitnomial’s XRP futures contracts were considered securities futures contracts. Morgan pointed out inconsistencies in regulatory practices, noting that the SEC has not shown a similar approach to Ethereum (ETH) 
$2,554 futures.
Morgan expressed:
“I cannot tolerate such arbitrary enforcement. I am not surprised that the crypto market is gravitating heavily towards Bitcoin 
$109,413 and Ethereum.”
This situation has heightened concerns within the crypto industry regarding the SEC’s regulatory approach.
Ripple’s Legal Strategy
Ripple is making strategic moves in its ongoing legal battle with the SEC by pursuing a cross-appeal. This appeal aims to go beyond the initial ruling that XRP is not a security, addressing the SEC’s broader claims regarding XRP sales. The Bitnomial case argues that XRP futures should be regulated by the Commodity Futures Trading Commission (CFTC) instead of the SEC.
Bitnomial asserts that XRP is not a security and thus should not be subjected to stringent securities laws. These discussions will play a crucial role in determining XRP’s legal status in the future.
The SEC’s potential appeal regarding XRP secondary sales highlights ongoing uncertainty in the crypto markets. Companies and individuals are seeking clearer guidance on how the SEC will classify and regulate crypto assets.
