Long-time Bitcoin (
$110,171.00 ) (BTC) advocate Jack Dorsey has found himself in a Twitter war with several crypto industry pundits after he responded with “yes” to a question asking if Ether (ETH) was a security.
The comment caught the attention of Udi Wertheimer, a Bitcoin ( $110,171.00 ) Ordinals developer at Taproot Wizards, who inferred Dorsey was a “clown” in a tweet on June 6.
In response, Dorsey tweeted “ETH is not a security? Teach me wizard,” which prompted Wertheimer to share a five-year-old video of the United States Securities Exchange Commission (SEC) chair Gary Gensler stating that ETH was now “sufficiently decentralized” and wasn’t a security.
clowns. pic.twitter.com/S8AiJwuMem
— Udi Wertheimer (@udiWertheimer) June 6, 2023
However, Gabor Gurbacs, strategy advisor to stablecoin issuer Tether and investment management firm VanEck weighed in on Wertheimer’s comment, stating that Ethereum (
$0.00 ) ’s recent transition to proof-of-stake may have re-triggered securities laws.
The online scuffle comes in light of the SEC filing lawsuits against cryptocurrency exchanges Binance and Coinbase on June 5 and 6 for allegedly offering tokens considered to be unregistered securities.
Dorsey also tweeted and implied approval of a screenshot of a post by Coinbase CEO Brian Armstrong in 2015, where he referred to altcoins as a “distraction” and that Coinbase should instead “be focused” on Bitcoin ( $110,171.00 ) .
https://t.co/GEtVbHtk4L
— jack (@jack) June 6, 2023
Dorsey continued on his pro- Bitcoin ( $110,171.00 ) tweeting streak and retweeted a video of Jack Mallers — CEO of Bitcoin ( $110,171.00 ) Lightning application Strike — who called out Armstrong for choosing to prioritize altcoins over building on Bitcoin ( $110,171.00 ) and the Lightning Network.
Related: Jack Dorsey tips pro-crypto candidate Robert Kennedy to win presidency
When Dorsey was in charge of Twitter in 2021 the company sold 140 Ethereum ( $0.00 ) -based nonfungible tokens (NFTs) but he rejected investing in Ether at the time.
Dorsey also downplayed Ethereum ( $0.00 ) ’s development in August 2021 when he claimed that Ethereum ( $0.00 ) alone wouldn’t be able to disrupt big tech.
Dorsey recently provided funding and became an advocate for Nostr, a decentralized “Twitter killer” network that integrates Bitcoin ( $110,171.00 ) Lightning-based payments on the “Damus” platform.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
