XRP advocate and legal practitioner Attorney Bill Morgan has pushed back against claims that XRP remains “not mature.”
His comment responded to crypto analyst Dr. Cuadrado’s recent post, which placed XRP alongside BNB, Solana, and Dogecoin as assets still lacking full regulatory clarity. The post has stirred new discussions about how cryptocurrencies are classified and what defines regulatory maturity in the U.S. legal ecosystem.
Related: “Weak ETF Demand? I’m Still Panic Buying XRP,” Says Bill Morgan
Morgan Rejects “Not Mature” Label
Bill Morgan criticized Dr. Cuadrado’s statement, asserting that the 2023 federal ruling by Judge Analisa Torres made it clear that XRP itself is not a security. While certain institutional sales of XRP were considered investment contracts, the token’s overall classification remains distinct from being a security.
Morgan said the ongoing claims that XRP is legally uncertain misrepresent the facts of the court’s findings. He added that even the U.S. SEC does not hold the view that XRP itself is a security. According to him, the decision provided substantial clarity for both investors and market participants.
Cuadrado Emphasizes Legal Distinction
In response, Dr. Cuadrado agreed but insisted that the 2023 ruling held that institutional sales of XRP counted as securities under the Howey Test, whereas regular market sales did not. To him, this means the SEC can regulate certain institutional XRP transactions.
Cuadrado added that while the CFTC treats XRP as a commodity for futures trading, it hasn’t been officially classified as one by law. In comparison, Cardano (ADA) was officially recognized as a digital commodity.
He maintains that Bitcoin, Ethereum, and Cardano are “mature” commodities, while XRP, BNB, Solana, and Dogecoin remain in a gray area legally. However, given the court ruling on XRP, Cuadrado’s perspective does not hold.
“Does the lying about XRP ever stop. Even a court found XRP is not a security. Even the SEC no longer calls XRP a security, and arguably never did,” Morgan wrote in response.
Related: Bill Morgan Says Ripple Case Excuse Is Over; XRP Must Prove Adoption
Meanwhile, Cuadrado’s broader commentary framed Bitcoin, Ethereum, and Cardano as the foundation of the digital economy, comparable to gold or oil in the macroeconomic world. He said their status as commodities allows for institutional investment, ETFs, bank custody, and even sovereign fund participation.
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 might currently be the most undervalued of the three, considering its technology and regulatory position.
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