Twitter co-founder Jack Dorsey has sparked a debate on the social media platform with several crypto experts
The online spat comes at a time when the SEC is filing lawsuits against crypto exchanges
Twitter co-founder Jack Dorsey has sparked a debate on the social media platform with several crypto experts after he said "yes" to a question about whether Ether was a security. The remark drew the attention of Udi Wertheimer of the Taproot Wizards project, who called Dorsey a "clown" and shared a five-year-old video of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler saying that ETH was "sufficiently decentralized" and not a security.
However, Gabor Gurbacs, strategy advisor to stablecoin issuer Tether and investment management firm VanEck, commented on Wertheimer's tweet, saying that Ethereum's recent transition to proof-of-stake might have triggered securities laws again. The online spat comes at a time when the SEC is filing lawsuits against crypto exchanges for allegedly offering tokens that are unregistered securities. Ethereum’s ETH token has not been named as a security in these lawsuits, but it was referred to as a security in a lawsuit filed against crypto exchange Kucoin by New York Attorney General Letitia James.
Dorsey also shared a screenshot of an old, since-deleted tweet by Coinbase CEO Brian Armstrong in 2015, where he said that altcoins were a "distraction" and that Coinbase should be focused on Bitcoin. Additionally, Dorsey shared a year-old video of Strike CEO Jack Mallers where he criticized Armstrong for listing numerous altcoins for trading and not focusing on Bitcoin.
