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- Former Twitter CEO Jack Dorsey says Ethereum (ETH) is a security.
- Dorsey agrees with suggestions that Coinbase focuses on Bitcoin and ditch other altcoins.
Twitter’s former CEO Jack Dorsey is making it clear that he is not a big fan of Ethereum (ETH). Dorsey, a known Bitcoin maximalist, took to Twitter to make clear how he sees the Ethereum cryptocurrency, which also happens to be the second largest cryptocurrency by market cap, right behind Bitcoin.
In a response tweet, Dorsey revealed that he considers Etheruem (ETH) a security. His tweet was made in response to a question from a Twitter user who asked Dorsey if he thinks Ethereum (ETH) was a security. “Yes” Jack responded.
— jack (@jack) June 6, 2023
Although a handful of crypto proponents seem to disagree with Dorsey’s stance, the former Twitter CEO does not seem to be backpedaling anytime soon. In fact, his response is an add-on to a tweet from the Vice President of Research at Riot Platforms Pierre Rochard.
Rochard, who also happens to be a Bitcoin proponent pulled up an old tweet from Brain Armstrong, and used it to validate his suggestion that Coinbase, a leading U.S. based cryptocurrency exchange, should “pivot back to being focused on Bitcoin.”
In the old tweets, Dorsey can be seen referring to altcoins like Ripple (XRP) and Steller (XLM) as distractions. Bitcoin is already far ahead, the community should focus on Bitcoin and other Sidechains he remarked.
Defining cryptocurrencies as assets or securities has been a major topic of conversation amongst members of the cryptocurrency community. Jack Dorsey responded to Rochard’s tweets, showing 100% support for his opinion.
The SEC shoots at two of the world’s largest exchanges
The new development comes after the U.S. Securities and Exchanges Commissions slammed Coinbase with a massive lawsuit. Binance, another leading crypto exchange, was also hit with a lawsuit from the regulatory body.
Coinbase should pivot back to being focused on #Bitcoin pic.twitter.com/RFKzKTKMko
— Pierre Rochard (@BitcoinPierre) June 6, 2023
Asides from putting out an official statement that reflected Binance’s disappointment in the SEC’s move, Changpeng Zhao, the CEO of the exchange, also known as CZ, has reiterated the SEC’s alleged incompetence via a series of retweets. Ryan Selkis, the founder of MessariCrypto tweeted:
Reminder, Gensler’s SEC: FAILED to catch FTX ($8bn fraud & bankruptcy) FAILED to protect Grayscale investors ($8bn impairment). FAILED to protect Voyager, Genesis, BlockFi borrowers ($4bn+ bankruptcies). It’s not that he’s mean, it’s that Gensler is an incompetent, crooked cop.
CZ retweeted the tweet, along with another tweet made by a crypto influencer who implied that Binance will survive the hit, right after it was disclosed that the SEC was seeking a restraining order to freeze Binance US assets.
We are about to find out how solvent #Binance is. They've survived a few bank runs this year, while some U.S. banks haven't. Regardless, not your keys, not your #crypto. Be safe frens 😘 https://t.co/Ia5VymnGzX
— Lady of Crypto (@LadyofCrypto1) June 6, 2023
“If you have to pick a fight with everyone, maybe you are the one at fault.” CZ wrote in a tweet.
