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.


— 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.

— 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?

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