Jack Dorsey Battles Industry Insiders Over Ether's Status
Jack Dorsey's Twitter debate sparks controversy about Ether's status as a security.
Noted Bitcoin proponent, Jack Dorsey, found himself embroiled in a Twitter debate over whether Ether is a security. The contention began when Udi Wertheimer, Bitcoin Ordinals developer, called Dorsey a "clown" in a June 6 tweet. Dorsey challenged Wertheimer to explain why Ether wasn't a security, leading to a heated discussion involving other industry figures.
Gabor Gurbacs, a strategy advisor to Tether and VanEck, contributed to the debate, suggesting Ethereum's recent shift to proof-of-stake might have reignited securities laws implications. The argument came in the wake of the SEC suing Binance and Coinbase for allegedly offering unregistered securities.
The Twitter war extended to include Brian Armstrong, Coinbase CEO, whose 2015 post advocating a Bitcoin-focused approach gained Dorsey's implied approval. Dorsey further retweeted a video from Jack Mallers, CEO of Bitcoin Lightning app Strike, criticizing Armstrong's prioritization of altcoins over Bitcoin development.
Dorsey, who had rejected investing in Ether during his tenure at Twitter, despite the company selling 140 Ethereum-based NFTs, has continued to downplay Ethereum's potential. He recently advocated for Nostr, a decentralized network integrating Bitcoin Lightning-based payments, underscoring his persistent commitment to Bitcoin
