Long-time Bitcoin advocate Jack Dorsey has found himself engaged in a Twitter war with several crypto industry pundits after he responded “yes” to a question about whether Ether (ETH) is a security.
The exchange began when Udi Wertheimer, a Bitcoin developer, referred to Dorsey as a “clown” in a tweet on June 6. In response, Dorsey challenged Wertheimer by asking him to teach him about Ethereum not being a security. Wertheimer then shared a five-year-old video of SEC Chair Gary Gensler stating that ETH was sufficiently decentralized and not considered a security.
Gabor Gurbacs, a strategy adviser to Tether and VanEck, added to the discussion, suggesting that Ethereum’s recent transition to proof-of-stake may have reignited securities law concerns.
This Twitter exchange occurred against the backdrop of the SEC filing lawsuits against Binance and Coinbase for allegedly offering unregistered securities. Dorsey also expressed support for a post by Coinbase CEO Brian Armstrong from 2015, where he dismissed altcoins as a distraction and emphasized the importance of focusing on Bitcoin.
Dorsey continued his pro-Bitcoin stance by retweeting a video of Jack Mallers, CEO of Bitcoin Lightning application Strike, criticizing Armstrong for prioritizing altcoins over building on Bitcoin and the Lightning Network.
It’s worth noting that in 2021, when Dorsey was in charge of Twitter, the company sold Ethereum-based non-fungible tokens (NFTs), but Dorsey himself did not invest in Ether at the time. He also downplayed Ethereum’s potential to disrupt big tech in August 2021.
Recently, Dorsey provided funding and became an advocate for Nostr, a decentralized network aiming to compete with Twitter, integrating Bitcoin Lightning-based payments on the “Damus” platform.
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