Ethereum

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Gary

<p>In a recent series of tweets, long-time Bitcoin (BTC) advocate and Twitter founder Jack Dorsey ignited a heated controversy. According to him, Ethereum (ETH) is a security. This statement quickly prompted passionate reactions from crypto experts, exposing the ongoing debates surrounding the classification of ETH and existing regulations.</p><div class="thumbnail post-cover-image"><img src="https://www.cointribune.com/app/uploads/2023/06/eth-1024x683.png" srcset="https://www.cointribune.com/app/uploads/2023/06/eth-1024x683.png 1024w, https://www.cointribune.com/app/uploads/2023/06/eth-300x200.png 300w, https://www.cointribune.com/app/uploads/2023/06/eth-768x512.png 768w, https://www.cointribune.com/app/uploads/2023/06/eth.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" class="post-cover-image--img" alt="Jack Dorsey"></div><div class="my-4"></div>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="829" src="https://www.cointribune.com/app/uploads/2023/06/Screenshot_20230608_091919_com.android.chrome_edit_357895397022992-1024x829.jpg" alt="" class="wp-image-608078" srcset="https://www.cointribune.com/app/uploads/2023/06/Screenshot_20230608_091919_com.android.chrome_edit_357895397022992-1024x829.jpg 1024w, https://www.cointribune.com/app/uploads/2023/06/Screenshot_20230608_091919_com.android.chrome_edit_357895397022992-300x243.jpg 300w, https://www.cointribune.com/app/uploads/2023/06/Screenshot_20230608_091919_com.android.chrome_edit_357895397022992-768x622.jpg 768w, https://www.cointribune.com/app/uploads/2023/06/Screenshot_20230608_091919_com.android.chrome_edit_357895397022992.jpg 1080w" sizes="(max-width: 1024px) 100vw, 1024px"><figcaption class="wp-element-caption">Jack Dorsey’s controversial claim about ETH (Source: <a href="https://twitter.com/jack/status/1666078896327122946">Twitter</a>)</figcaption></figure>



<h2 id="h-debates-over-the-security-of-eth">Debates over the security of ETH</h2>



<p>The debate began when <a href="https://www.cointribune.com/qui-est-jack-dorsey/" target="_blank" rel="noreferrer noopener">Jack Dorsey</a> <strong>responded with a resounding “YES” to a question on Twitter</strong>. This assertion was immediately met with strong criticism from Udi Wertheimer, a Bitcoin developer at Taproot Wizards. Wertheimer went as far as calling Dorsey a “clown” in a <a href="https://twitter.com/udiWertheimer/status/1666080703648284672" target="_blank" rel="noreferrer noopener">tweet</a>.</p><div class="my-4"><div class="ads ">
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<p>In response, Dorsey tweeted, “ETH is not a security? Teach me wizard.” This exchange then led Wertheimer to share a five-year-old <a href="https://twitter.com/i/status/1666197838852677638" target="_blank" rel="noreferrer noopener">video</a> <strong>of Gary Gensler</strong>, the SEC chairman. In the video, Gensler stated, “ETH is now sufficiently decentralized. It is no longer considered a security.”</p>



<p><a href="https://twitter.com/gaborgurbacs/status/1666218913699356673" target="_blank" rel="noreferrer noopener">Gabor Gurbacs</a> also joined the discussion. As a strategy advisor for stablecoin issuer Tether and investment management firm VanEck, he supported Wertheimer’s comments. Gurbacs believes that <a href="https://www.cointribune.com/ethereum-eth-la-transition-de-la-pow-vers-la-pos-en-danger/" target="_blank" rel="noreferrer noopener">Ethereum’s recent transition to Proof of Stake (PoS)</a> could <strong>reignite securities laws concerns</strong>.</p>



<h2 id="implications-for-the-crypto-industry">Implications for the crypto industry</h2>



<p>These online debates come amidst <a href="https://www.cointribune.com/la-sec-attaque-coinbase/" target="_blank" rel="noreferrer noopener">the SEC</a>‘s various legal actions. The U.S. regulator has accused Binance and Coinbase of offering tokens that are considered unregistered securities.</p>



<p><strong>The SEC filed its complaints on June 5th and 6th</strong>, further fueling concerns about the regulation of digital assets and the classification of crypto.</p>



<p>In one of <a href="https://twitter.com/jack/status/1666077161978036224" target="_blank" rel="noreferrer noopener">his tweets</a>, Jack Dorsey seems to endorse a screenshot of a 2015 post by Coinbase CEO Brian Armstrong. In the post, Armstrong refers to <strong>altcoins as a “distraction.”</strong> According to him, Coinbase should instead focus on Bitcoin.</p>



<p>Jack Dorsey’s statements about Ethereum (ETH) have sparked controversy within the crypto industry. As regulators intensify their efforts to enforce securities <a href="https://www.cointribune.com/ce-qu-il-faut-savoir-de-la-reglementation-des-cryptomonnaies-aux-etats-unis/" target="_blank" rel="noreferrer noopener">regulations</a>, debates about the nature of cryptocurrencies and their compliance with existing laws will continue to rage on.</p>

ETH Status: Jack Dorsey sparks controversy

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