jack dorseylongtime bitcoin (BTC) proponent, has been embroiled in a Twitter war with several cryptocurrency industry insiders after he responded “yes” to a question about whether Ether (ETH) was a security.
The comment caught the attention of udi wertheimera Bitcoin Ordinals developer at Taproot Wizards, who hinted that Dorsey was a “clown” in a tweet on June 6.
In response, Dorsey tweeted: “ETH not a security? Teach me wizard,” prompting Wertheimer to share a video from five years ago in which the president of the United States Securities and Exchange Commission, Gary Gensler, stated that ETH was already “sufficiently decentralized” and was not a security.
— Udi Wertheimer (@udiWertheimer) June 6, 2023
However, Gabor Gurbacs, a strategic adviser to stablecoin issuer Tether and investment management firm VanEck, weighed in on Wertheimer’s comment, affirming that Ethereum’s recent transition to proof-of-stake may have revived securities laws.
The online discussion comes in light of the SEC’s filing of lawsuits against cryptocurrency exchanges Binance and Coinbase. on June 5 and 6 for allegedly offering tokens considered unregistered securities.
Dorsey also tweeted and implied approval of a screenshot of a 2015 post by Coinbase CEO Brian Armstrong.in which he referred to altcoins as a “distraction” and that Coinbase should instead “focus” on bitcoin.
—jack (@jack) June 6, 2023
Dorsey continued his streak of pro-bitcoin tweets and retweeted a video by Jack Mallers —CEO of the Bitcoin Lightning Strike app— criticizing Armstrong for choosing to prioritize altcoins instead of building on bitcoin and the Lightning Network.
When Dorsey was in charge of Twitter in 2021, the company sold 140 Ethereum-based non-fungible tokens (NFTs).but he refused to invest in Ether at the time.
Dorsey also downplayed the development of Ethereum in August 2021 when he stated that Ethereum alone would not be able to affect big tech.
Recently, Dorsey provided funding and became an advocate for Nostr, a decentralized “Twitter killer” network which integrates Bitcoin Lightning-based payments into the “Damus” platform.
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