Jack Dorseys Statement on Ethereum Security Spurs Disagreement from Crypto Industry Experts jpg

Jack Dorsey Statement on Ethereum Security Spurs Disagreement from Crypto Industry Experts

Jack Dorsey, a well-known advocate for Bitcoin (BTC), recently engaged in a Twitter debate with several experts in the cryptocurrency industry. The dispute began when Dorsey responded affirmatively with a simple “yes” to a question about whether Ethereum should be classified as a security.

When UDI Wertheimer, a developer at Taproot Wizards and a prominent figure in the Bitcoin community, noticed Dorsey’s comment, he expressed his disagreement by referring to Dorsey as a “clown” in a tweet on June 6th.

In response, Dorsey tweeted back, saying, “ETH is not a security? Teach me, Wizard.” This tweet prompted Wertheimer to share a video from five years ago featuring Gray Gensler, the chair of the United States Securities and Exchange Commission (SEC), stating that ETH had achieved sufficient decentralization and was no longer considered a security.

 

Gabor Gurbacs, a strategy advisor for stablecoin issuer Tether and investment management firm VanEck, added to the conversation by sharing his perspective on Wertheimer’s statement. Gurbacs pointed out that Ethereum’s recent transition to a proof-of-stake consensus mechanism might have rekindled concerns regarding securities regulations.

It’s worth noting that this Twitter exchange is taking place as the SEC has filed a lawsuit against cryptocurrency exchanges Binance and Coinbase, alleging that these exchanges offered tokens believed to be unregistered securities.

In another tweet, Dorsey seemed to agree, sharing a screenshot of a 2015 post by Coinbase CEO Brian Armstrong. In the post, Armstrong referred to altcoins as a “distraction” and emphasized the importance of focusing on Bitcoin instead.

 

Dorsey continued to express his support for Bitcoin through a series of tweets. One of these tweets included a retweet of a video featuring Jack Mallers, the CEO of Bitcoin Lightning application Strike, who criticized Armstrong for prioritizing altcoins instead of focusing on building upon Bitcoin and the Lightning Network.

Compiled by Coinbold