Jack Dorsey Starts Fresh Feud Between BTC Extremists and ETH-Led Altcoin Tribe

In the heat of the SEC’s enforcement actions against Binance and Coinbase, a simple “yes” by Jack Dorsey on Twitter sparked a flurry of comments.

It all started when a Twitter user asked Dorsey if he thought ether was a security, to which he replied yes.

Jack Dorsey’s ethereal rant

Dorsey, a well-known bitcoin supporter, has told dissatisfaction Same with ether in the past. In the latest episode, the former Twitter CEO tweeted a screenshot of a 2015 post by Coinbase CEO Brian Armstrong, where he labeled altcoins a “distraction” and argued they should focus on bitcoin.

He then went on to retweet a video from Jack Mollers, CEO of bitcoin lightning app Strike, asking the Coinbase CEO to prioritize bitcoin and altcoins over the Lightning Network.

In fact, Dorsey believes that Coinbase should focus on bitcoin, which it does not fully own. Following the SEC lawsuit against Coinbase, various experts have offered their suggestions. from one Pierre Rochard, Vice President of Research at Riot Platforms suggested that Coinbase should refocus on bitcoin.

Twitter founder Dorsey will step down as CEO in November 2021 to focus on his digital payments company – Block Inc.

For his bravery, Dorsey earned some bad trollssuch as being called a “clown” by Udi Wertheimer of Taproot Wizards.

“Jack is the type of maxi that holds this technology back even 200 years from now. So the fewer “jacks” we have, the better for the entire industry,” Twitter user commented,

What’s behind the scenes?

The United States Securities and Exchange Commission (SEC) sued Binance and Coinbase on June 5 and June 6, respectively. It accused the two largest crypto trading platforms of operating without proper licenses from exchanges, broker-dealers and clearing agencies.

At the core of the SEC action is the classification of cryptocurrencies. In its charge sheet against Coinbase, the SEC has alleged that the latter facilitates trading in large-cap securities such as SOL, ADA, MATIC and so on. Interestingly, both the SEC and the CFTC treat bitcoin as a commodity, but haven’t made a final ruling on the second-largest cryptocurrency, Ethereum.

Despite the lack of regulation for the crypto industry, the SEC considers the rest of cryptocurrencies to be securities, while the CFTC calls for greater regulatory oversight over the jurisdiction and asset class.