- Block CEO agrees with SEC arguments
- He considers ETH a security
- This position has been harshly criticized by other members of the crypto community
Twitter founder and Block CEO Jack Dorsey has unexpectedly agreed with the SEC. He believes that ether is a security. And that the Securities and Exchange Commission’s reasoning is fair.
Dorsey believes there are only three coins that are truly resistant to government scrutiny today. This, of course, is the Bitcoin blockchain, as well as the TOR network and Nostr. The businessman is convinced that they are the future. But I agree that such technology is still out of reach for most people.
The tweet was responded to by Bitcoin Ordinals developer Udi Wertheimer. He called Dorsey a clown.
But Tether and VanEck strategy advisor Gabor Gurbach agrees with Dorsey’s view. He believes that the recent switch to Proof-of-Stake algorithm has made ether a security. After all, over time, the asset will become more and more deflationary. In addition, ETH stacking allows users to earn a regular income, without committing any actions. This is treated as an investment in securities.
In a recent lawsuit against Binance, the SEC named ten tokens that should be considered crypto-asset securities. The list includes ADA, FIL, SOL, MATIC, MANA, SAND, ALGO, COTI, AXS and ATOM.