Bill Morgan, a prominent XRP advocate and legal expert, has contested assertions that XRP is still mired in regulatory uncertainty. He referenced the 2023 federal court decision by Judge Analisa Torres, which determined that XRP itself is not a security, arguing that claims of ongoing legal ambiguity misinterpret the court's ruling. In contrast, Dr. Cuadrado argues that XRP remains in a regulatory gray area, particularly concerning institutional sales. He differentiates XRP from Bitcoin, Ethereum, and Cardano, which he views as established commodities. Cuadrado noted that while the CFTC treats XRP as a commodity for futures trading, it lacks official legal classification as such.