Jack Dorsey triggers a new dispute between BTC Maximalists and the Altcoin strain led by ETH

Jack Dorsey triggers a new dispute between BTC Maximalists and the Altcoin strain led by ETH

In the heat of the SEC enforcement measures against Binance and Coinbase, a simple “yes” by Jack Dorsey on Twitter triggered a flood of comments.

It all started that a Twitter user Dorsey asked whether he was owl to a security, what he was affirming.

Jack Dorseys ether

Dorsey, a well-known Bitcoin supporter, has also pointed out his dissatisfaction with Ether in the past. In the recent episode, the former Twitter CEO tweet a screenshot of a contribution by Brian Armstrong, CEO from Coinbase, from 2015, in which he described old coins as "distractions" and argued that they were supposed to concentrate on Bitcoin.

Then he tweeted a video by Jack Mallers, CEO of the Bitcoin lighting app Strike, in which he criticized the CEO of Coinbase, priority before Bitcoin and Lightning Network.

In fact, Dorsey's view is that Coinbase should concentrate on Bitcoin, not quite his own. After the SEC lawsuit against Coinbase, various experts submitted their suggestions. One of Pierre Rochard, Vice President for Research at Riot Platforms, suggested that Coinbase should concentrate on Bitcoin again.

Twitter founder Dorsey resigned as CEO in November 2021 to concentrate on his company for digital payments-Block Inc.-.

for his bravery Dorsey received some evil Troll such as the name "Clowns" by Udi Wertheimer from Taproot Wizards.

"Jack belongs to the variety Maxis that still leave this technology behind in 200 years." The less "Jacks" we have, the better for the entire industry, "the Twitter user commented .

What is behind the scenes?

The US stock exchange supervision SEC (Securities and Exchange Commission) sued Binance and Coinbase on June 5 and 6. The two largest crypto trading platforms were accused of acting as stock exchanges, broker dealers and clearing agencies without corresponding licenses.

The basis of the SEC campaign is the classification of cryptocurrencies. In its indictment against Coinbase, the SEC claims that Coinbase makes it easier for Coinbase to trade large caps such as Sol, ADA, Matic, etc. Interestingly, both the SEC and the CFTC Bitcoin are treated as goods, but do not offer a final decision about Ethereum, the second largest cryptocurrency.

Despite the lack of regulation for the crypto industry, the SEC tends to treat the rest of the cryptocurrencies as securities, while the CFTC calls for responsibility and a stronger regulatory supervision of the investment class.

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