Long term bitcoin, Advocate Jack Dorsey finds himself in a Twitter war with several crypto industry experts after answering yes If Ether is a security.
The comment caught the attention of Udi Wertheimer, a Bitcoin Ordinals developer at Taproot Wizards, who deduced that Dorsey was a “clown” in a June 6 tweet. In response, Dorsey tweeted: "ETH is not a security? Teach me a wizard, " prompting Wertheimer to share a five-year-old video from SEC Chairman Gary Gensler stating that ETH It is now "sufficiently decentralized" and no longer a security.
However, Gabor Gurbacs, strategic advisor to stablecoin issuer Tether and investment management firm VanEck, weighed in on Wertheimer's comments, saying ethereum's recent transition to proof-of-stake may have retriggered securities laws.
The online scuffle came as the US Securities and Exchange Commission filed lawsuits on June 5-6 against cryptocurrency exchanges Binance and Coinbase, alleging they offered tokens deemed unregistered securities. Dorsey also tweeted and implied approval of a screenshot of a 2015 post by Coinbase CEO Brian Armstrong in which he called altcoins a "distraction" and that Coinbase should "focus" on Bitcoin. currency. Dorsey continued his pro-Bitcoin tweets and retweeted a video of Jack Mallers — CEO of Bitcoin lightning app Strike calling on Armstrong to choose to prioritize altcoins over building on Bitcoin and the Lightning Network. When Dorsey took the helm of Twitter in 2021, the company sold 140 Ethereum-based non-fungible tokens (NFTs), but he declined to invest in ether at the time.
Dorsey also played down the development of Ethereum in August 2021, when he claimed that Ethereum alone cannot disrupt large technology companies. Dorsey recently provided funding and became an advocate for Nostr, a decentralized “Twitter killer” network that integrates Bitcoin Lightning Network-based payments on the “Damus” platform.
