Twitter founder Jack Dorsey said “yes” to a question about whether Ethereum is a security. Meanwhile, it should be noted that Dorsey, who calls the leading altcoin a “securities”, is a “bitcoin maximalist”.
According to Jack Dorsey, the leading altcoin is a security!
Former Twitter CEO Jack Dorsey has suggested that Ethereum (ETH) is a security. That’s why Dorsey supports a Bitcoin-focused approach for Coinbase amid the SEC lawsuit. In a noteworthy development, Twitter founder and former CEO Jack Dorsey has publicized his belief that Ethereum (ETH) should be classified as a security amid a recent lawsuit against US-based crypto exchange Coinbase alleging the exchange’s unregistered activities. explained.
— jack (@jack) June 6, 2023
Additionally, Dorsey, commonly known as a Bitcoin (BTC) maximalist given Coinbase’s relationship with the US securities regulator, has joined in on a statement that the American exchange should return to the Bitcoin-only business model.
In particular, Pierre Rochard, Vice President of Research at Riot Platforms, a leading Bitcoin mining firm, shared a tweet from the CEO of Coinbase in 2015. In this tweet, Rochard said, “Ripple, Stellar and altcoins are all distractions. Bitcoin is way ahead. “We have to focus on Bitcoin and side-chains,” he says. Citing Armstrong’s statement, Rochard suggests that Coinbase should return to focusing on Bitcoin. Meanwhile, former Twitter CEO Jack Dorsey expressed his 100% agreement.
— jack (@jack) June 6, 2023
SEC’s Coinbase case fell on the agenda like a bomb!
Interestingly, the controversy surrounding Coinbase’s focus on BTC occurred shortly after the US Securities and Exchange Commission (SEC) filed a lawsuit against the exchange. As you follow on Kriptokoin.com, the lawsuit accuses Coinbase of not registering its crypto-as-a-service staking program, in addition to operating as an unregistered national stock exchange, broker, and clearinghouse.
The SEC filed a civil lawsuit against Binance just 24 hours before this lawsuit against Coinbase. Meanwhile, it should be noted that Binance, the world’s largest crypto exchange, is Coinbase’s biggest competitor. Given this situation, this development has particularly stirred the crypto community. Industry leaders like Charles Hoskinson, founder of the Cardano network, reacted to the SEC’s recent action. Hoskinson said the SEC’s move is a threat to financial freedom. Also, according to Hoskinson, the SEC aims to replace mainstream crypto assets with a state-controlled CBDC.
