A well-known supporter of Bitcoin (BTC), Jack Dorsey, has recently engaged in a Twitter dispute with multiple experts in the cryptocurrency industry. The argument ignited when Dorsey responded affirmatively with a simple “yes” to a query regarding Ether’s classification as a security.
UDI Wertheimer, a developer at Taproot Wizards and a prominent figure in the Bitcoin community, took notice of Dorsey’s comment and expressed his disagreement by referring to Dorsey as a “clown” in a tweet posted on June 6th.
In reply, Dorsey fired back with a tweet saying, “ETH is not a security? Teach me, Wizard.” this response prompted Wertheimer to share a video from five years ago featuring Gray Gensler, the chair of the United States Securities and Exchange Commission (SEC), stating that ETH had achieved sufficient decentralization and was no longer considered a security.
Adding to the conversation, Gabor Gurbacs, a strategy advisor for stablecoin issuer Tether and investment management firm VanEck, shared his perspective on Wertheimer’s statement. Gurbacs pointed out that Ethereum’s recent shift to a proof-of-stake consensus mechanism might have potentially revived concerns regarding securities regulations.
It’s important to note that this Twitter exchange occurs amidst recent developments where the SEC has filed a lawsuit against cryptocurrency exchanges Binance and Coinbase. The lawsuit alleges that these exchanges offered tokens that are believed to be unregistered securities.
In another tweet, Dorsey seemed to express his agreement by sharing a screenshot of a 2015 post by Coinbase CEO Brian Armstrong. In the post, Armstrong referred to altcoins as a “distraction” and emphasized the importance of focusing on Bitcoin instead.
Continuing his enthusiasm for Bitcoin, Dorsey continued to share his support through a series of tweets. One of these tweets included a retweet of a video featuring Jack Mallers, the CEO of Bitcoin Lightning application Strike. Mallers criticized Armstrong for prioritizing altcoin instead of focusing on building upon Bitcoin and the Lightning Network.