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- Dorsey engaged on Twitter, questioning whether ether is classified as a security.
- Jack also shared a screenshot of a 2015 tweet from Coinbase CEO Brian Armstrong.
Jack Dorsey, a dedicated advocate for Bitcoin, has found himself in a Twitter dispute with several analysts from the cryptocurrency sector. This followed his affirmative response to a question regarding Ether’s status as a security. Udi Wertheimer, a developer of Bitcoin Ordinals at Taproot Wizards, reacted to Dorsey’s comment on June 6, labeling him a “clown” for his statement.
Dorsey took to Twitter to inquire whether ether is indeed a security. Wertheimer replied with “Teach me wizard,” which led him to reference a video from 2013 where U.S. Securities and Exchange Commission Chair Gary Gensler stated that ETH had achieved a level of decentralization that exempted it from being classified as a security.
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Online Conflict Amid SEC Actions
Following Wertheimer’s comment, Gabor Gurbacs, a strategic advisor for stablecoin issuer Tether and investment management firm VanEck, noted that Ethereum’s recent transition to proof-of-stake might have reignited securities regulations.
On June 5 and 6, the SEC initiated legal actions against cryptocurrency exchanges Binance and Coinbase, claiming they allegedly offered tokens considered to be unregistered securities, which has contributed to the ongoing online conflict.
Dorsey also shared a screenshot of a 2015 tweet from Coinbase CEO Brian Armstrong, in which Armstrong referred to altcoins as a “distraction” and emphasized that the company should concentrate on Bitcoin, seemingly endorsing the sentiment in his own tweet.
Additionally, continuing his series of pro-Bitcoin tweets, Dorsey posted a video featuring Jack Mallers, CEO of the Bitcoin Lightning app Strike, who criticized Armstrong for overlooking Bitcoin and the Lightning Network while focusing on other cryptocurrencies.
