Dorsey says ETH is a security.

Jack Dorsey, a long-time supporter of Bitcoin (BTC), has become embroiled in a Twitter feud with several cryptocurrency industry experts after answering “yes” to a question about whether Ether (ETH) is a security.

The comment caught the attention of Udi Wertheimer, a developer at Taproot Wizards, who called Dorsey 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 Chair Gary Gensler stating that ETH was now “sufficiently decentralized” and was not a security.

clowns. pic.twitter.com/S8AiJwuMem

— Udi Wertheimer (@udiWertheimer) June 6, 2023

However, Gabor Gurbacs, a strategy adviser to stablecoin issuer Tether and investment management firm VanEck, responded to Wertheimer’s comment, stating that Ethereum’s recent transition to proof-of-stake may have triggered securities laws.

The online disagreement comes as the SEC files lawsuits against cryptocurrency exchanges Binance and blockchain 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 blockchain CEO Brian Armstrong in 2015, where he referred to altcoins as a “distraction” and suggested that blockchain should instead “be focused” on Bitcoin.

https://t.co/GEtVbHtk4L

— jack (@jack) June 6, 2023

Dorsey continued his pro-Bitcoin tweets and retweeted a video of Jack Mallers, the CEO of Bitcoin Lightning application Strike, calling out Armstrong for prioritizing altcoins over building on Bitcoin 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-based non-fungible tokens (NFTs), but he rejected investing in Ether at the time.

In August 2021, Dorsey also downplayed Ethereum’s development when he claimed that Ethereum alone would not be able to disrupt big tech.

Recently, Dorsey provided funding and became an advocate for Nostr, a decentralized “Twitter killer” network that integrates Bitcoin Lightning-based payments on the “Damus” platform.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Bitcoin

7RCC Moves Closer to Launching Environmentally-Conscious Bitcoin ETF

The NYSE has made a valuable proposal to list and trade shares for the 7RCC spot Bitcoin and Carbon Credit Futures ET...

Bitcoin

Top crypto gainers on DEXTools today: SHIBARIUM, SNAKE, CBot.

Amid an altcoin sell-off on Tuesday, blue chip crypto markets experienced a slight decrease. However, traders are sti...

Market

A Not-So-Ethereal Tale: Why Ether Keeps Plummeting Against Bitcoin

ETH/BTC pair presents concerning performance. Learn why here.

Bitcoin

DeSantis vows to stop Biden's "war on Bitcoin" if elected president.

DeSantis is positively addressing the recent proactive action taken by the Securities and Exchange Commission (SEC) a...

Policy

The AI Safety Summit: Where AI Meets its “Referee”

At a recent summit, Elon Musk discussed the need for a third-party referee to monitor the development of AI and empha...

Bitcoin

China considers stimulus package for Bitcoin and cryptocurrency.

investment in blockchain technology, which may signal a potential shift towards a more pro-crypto stance. This news c...