Jack Dorsey, a long-time advocate of Bitcoin (BTC), has once again found himself in a Twitter war with several cryptocurrency 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 called Dorsey a “clown” in a tweet.
Dorsey responded to Wertheimer’s tweet by saying, “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 wasn’t a security.
However, Gabor Gurbacs, a 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 continued on his pro-Bitcoin tweeting streak and retweeted a video of Jack Mallers, CEO of Bitcoin Lightning application Strike, calling out Coinbase CEO Brian Armstrong for choosing to prioritize altcoins over building on Bitcoin and the Lightning Network.
When Dorsey was in charge of Twitter in 2021, the company sold 140 Ethereum-based nonfungible tokens (NFTs), but he rejected investing in Ether at the time. Dorsey also downplayed Ethereum’s development in August 2021 when he claimed that Ethereum alone wouldn’t be able to disrupt big tech.
Dorsey recently provided funding and became an advocate for Nostr, a decentralized “Twitter killer” network that integrates Bitcoin Lightning-based payments on the “Damus” platform.
Dorsey’s opinions on Ethereum have sparked heated discussion and debate within the cryptocurrency community. While some believe that Ethereum’s recent transition to proof-of-stake may have triggered securities laws, others argue that such laws are outdated and don’t account for the unique nature of blockchain and cryptocurrency.
Many in the cryptocurrency industry see Ethereum as a game-changer and a force for disrupting traditional finance and big tech companies. Ethereum has a wide range of use cases, including decentralized finance, nonfungible tokens, and smart contracts. While Bitcoin remains the largest and most well-known cryptocurrency, Ethereum’s potential to disrupt multiple industries has earned it a loyal following and a significant market cap.
As the cryptocurrency industry continues to evolve and mature, it’s likely that we’ll see more debate and discussion around the role of different cryptocurrencies and their potential to disrupt traditional industries and markets. While some individuals, like Jack Dorsey, remain firmly committed to Bitcoin, others see Ethereum and other altcoins as offering unique and powerful opportunities for innovation and disruption. Regardless of which side of the debate you fall on, it’s clear that the cryptocurrency industry is here to stay, and will continue to play an increasingly important role in the global economy.
