Jack Dorsey courts controversy by claiming ETH is a security

Long-time Bitcoin (BTC) advocator Jack Dorsey has recovered himself successful a Twitter warfare with respective crypto manufacture pundits aft helium responded with “yes” to a question asking if Ether (ETH) was a security.

The remark caught the attraction of Udi Wertheimer, a Bitcoin Ordinals developer astatine Taproot Wizards, who inferred Dorsey was a “clown” successful a tweet connected June 6.

In response, Dorsey tweeted “ETH is not a security? Teach maine wizard,” which prompted Wertheimer to share a five-year-old video of the United States Securities Exchange Commission (SEC) seat Gary Gensler stating that ETH was present “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 concern absorption steadfast VanEck weighed successful connected Wertheimer’s comment, stating that Ethereum’s caller modulation to proof-of-stake whitethorn person re-triggered securities laws.

The online scuffle comes successful airy of the SEC filing lawsuits against cryptocurrency exchanges Binance and Coinbase on June 5 and 6 for allegedly offering tokens considered to beryllium unregistered securities.

Dorsey besides tweeted and implied support of a screenshot of a station by Coinbase CEO Brian Armstrong successful 2015, wherever helium referred to altcoins arsenic a “distraction” and that Coinbase should alternatively “be focused” connected Bitcoin.

https://t.co/GEtVbHtk4L

— jack (@jack) June 6, 2023

Dorsey continued connected his pro-Bitcoin tweeting streak and retweeted a video of Jack Mallers — CEO of Bitcoin Lightning exertion Strike — who called retired Armstrong for choosing to prioritize altcoins implicit gathering connected Bitcoin and the Lightning Network.

Related: Jack Dorsey tips pro-crypto campaigner Robert Kennedy to triumph presidency

When Dorsey was successful complaint of Twitter successful 2021 the company sold 140 Ethereum-based nonfungible tokens (NFTs) but helium rejected investing successful Ether astatine the time.

Dorsey besides downplayed Ethereum’s improvement successful August 2021 erstwhile helium claimed that Ethereum unsocial wouldn’t beryllium capable to disrupt large tech.

Dorsey precocious provided backing and became an advocate for Nostr, a decentralized “Twitter killer” web that integrates Bitcoin Lightning-based payments connected the “Damus” platform.

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