Jack Dorsey courts controversy by claiming ETH is a security
Long-time Bitcoin (BTC) advocate Jack Dorsey has found himself in a Twitter war with several crypto industry pundits after he responded with “yes” to a question asking if Ether (ETH) was a security.
The comment caught the attention of Udi Wertheimer, a Bitcoin Ordinals developer at Taproot Wizards, who inferred Dorsey was 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 CommissionChair Gary Gensler stating that ETH was now “sufficiently decentralized” and wasn’t a security.
clowns. pic.twitter.com/S8AiJwuMem
However, Gabor Gurbacs, strategy adviser to stablecoin issuer Tether and investment management firm VanEck, weighed in on Wertheimer’s comment, stating that Ethereum’s recent transition to proof-of-stake may have re-triggered securities laws.
The online scuffle comes in light of the SEC filing lawsuits against cryptocurrency exchanges Binance and Coinbase 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 Coinbase CEO Brian Armstrong in 2015, where he referred to altcoins as a “distraction” and that Coinbase should instead “be focused” on Bitcoin.
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Dorsey continued on his pro-Bitcoin tweeting streak and retweeted a video of Jack Mallers — CEO of Bitcoin Lightning application Strike — calling out Armstrong for choosing to prioritize 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
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