‘Are there no more lies about XRP?’ Morgan hits back at critics

Bill Morgan, an attorney and proponent of XRP, disputed claims that XRP is still “not mature.”

His comments were in response to a recent post by crypto analyst Dr. Cuadrado, who placed XRP alongside BNB, Solana, and Dogecoin as assets that still completely lack regulatory clarity. The post sparked a new debate about how cryptocurrencies are classified and what defines regulatory maturity in the U.S. legal ecosystem.

Related: “Weak demand for ETFs? I’m still panicking to buy XRP,” says Bill Morgan

Morgan rejects ‘immature’ label

Bill Morgan criticized Dr. Cuadrado’s statement, arguing that a 2023 federal ruling by Judge Annalisa Torres made it clear that XRP itself is not a security. Although certain institutional sales of XRP were considered investment contracts, the overall classification of the token remains distinct from securities.

Morgan said the ongoing claims that XRP is legally uncertain misrepresent the facts of the court’s findings. He added that even the US SEC does not hold the view that XRP itself is a security. He said the decision brought substantial clarity to both investors and market participants.

Cuadrado emphasizes legal distinction

In response, Dr. Cuadrado agreed, but argued that while institutional sales of XRP count as securities under the Howie test in the 2023 ruling, regular market sales do not. For him, this means the SEC can regulate XRP trading for certain institutions.

Cuadrado added that while the CFTC treats XRP as a commodity for futures trading, the law does not formally classify it as a commodity. By comparison, Cardano (ADA) has been officially recognized as a digital product.

He argues that Bitcoin, Ethereum and Cardano are “mature” products, while XRP, BNB, Solana and Dogecoin are in a legal gray area. However, given the court’s ruling regarding XRP, Cuadrado’s view does not apply.

“Will the lies about XRP never stop? Even the courts have found that XRP is not a security. Even the SEC no longer calls XRP a security, and probably never did.” Morgan wrote back.

Related: Bill Morgan says the excuses for Ripple are over. XRP needs to prove adoption

Meanwhile, Cuadrado’s wide-ranging commentary framed Bitcoin, Ethereum, and Cardano as the foundations of a digital economy comparable to gold and oil in the macroeconomic world. He said its commodity status allows for institutional investment, ETFs, bank custodianship and even participation in sovereign funds.

Cuadrado explained their roles. Bitcoin is a digital store of value, Ethereum powers smart contracts and decentralized applications, and Cardano focuses on governance and long-term scalability. He added that Cardano may be the most undervalued of the three companies at the moment, given its technology and regulatory position.