A new controversy surrounding XRP’s design has erupted after Cyber Capital founder Justin Bonds classified it as a permissioned, centralized cryptocurrency. Bill Morgan, a crypto lawyer who has closely followed the XRP case, pushed back at the explanation, saying it was a recycled talking point from 2017, and the exchange reignited a long-standing debate about how decentralization in large networks should be defined and measured.
Why has this XRP debate resurfaced?
In his latest post on X, Morgan accused Bonds of “parroting” 2017-era FUD by describing XRP as a centrally controlled cryptocurrency.
Hahaha
While all applicants for spot and futures XRP have filed documents with the SEC explaining that XRPL is permissionless and public, Justin is still parroting 2017-era FUD: it is centralized and permissioned. https://t.co/2xYz9UVkmf— Bill Morgan (@Belisarius2020) October 17, 2025
Morgan’s counterargument and the issues in the XRP ETF application
Referring to Bonds’ post, Morgan listed 11 of the top 100 cryptocurrencies by market capitalization and claimed that these cryptocurrencies run on permissioned blockchains, which he claims are permissionless. Cryptocurrencies listed by Bons include BNB, XRP, XLM, HBAR, MNT, and POL. Others include VET, ARB, OP, STX, and STRK.
Bonds warned X’s followers to be wary of the cryptocurrencies he listed, labeling them as “centralization disguised as cryptocurrencies.” According to the founder of Cyber Capital, the value of cryptocurrencies is based on decentralization.
The XRP centralization story is 2017-era FUD
Meanwhile, Morgan noted that all applicants for spot or futures XRP ETFs have filed documentation with the SEC explaining that XRPL is publicly available without a license. According to a prominent cryptocurrency lawyer, Bonds is telling a dire story aimed at scaring XRP investors.
Related: Possibility of XRP rebound: Ripple SEC lawsuit breakthrough and President Trump’s mention of virtual currencies raise expectations for price recovery
It’s worth noting that XRP has come under intense criticism in the past due to the same claims Bonds is making, leading to a lengthy, multi-year legal battle between the SEC and the fintech company behind XRP, Ripple. Earlier this year, a U.S. court resolved the case with both sides filing for dismissal.
FUD has slowed XRP growth in the past
The FUD created by the intensive narrative against XRP has affected the development of the cryptocurrency, slowing its adoption and leading to a stagnation in the growth of the digital asset. Notably, many cryptocurrency users initially put XRP in the same category as Bitcoin and Ethereum, and cryptocurrencies are developing at a similar pace in their early stages.
Morgan believes that Bonds’ “permissionless” rhetoric about XRP is a misguided attempt to discredit cryptocurrencies, especially when the broader crypto community subscribes to the legally recognized classification of XRPL as a permissionless protocol.
Related: Today’s XRP crash is a liquidity gain, not a collapse – Analyst
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