The former CEO of Twitter, Jack Dorsey believes that Ethereum ETH/USD is a security.

What Happened: Dorsey was responding to a Twitter user who asked Dorsey "is ETH a security." To which, Dorsey said "Yes".

This came at a time when the Securities and Exchange Commission (SEC) filed charges against cryptocurrency exchanges Binance and Coinbase Global COIN for allegedly violating securities regulation rules.

Dorsey, who is the CEO of Block Inc, also shared a deleted tweet from Coinbase CEO Brian Armstrong which read, "Ripple, Stellar, and Altcoins are all a distraction. Bitcoin BTC/USD is way too far ahead. We should be focused on bitcoin and sidechains."

The tweet, originally posted on February 23, 2015, has resurfaced as it lends itself to ongoing conversations surrounding the focus and legitimacy of various cryptocurrencies.

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Why It Matters: On another note, Dorsey also tweeted out "Steady lads" on Monday in response to Binance CEO Changpeng Zhao's tweet which read Strong together. This phrase was actually a reference to a famous tweet by Do Kwon, which gained popularity within the cryptocurrency community.

Meanwhile, in a conversation with CNBC, SEC Chair Gary Gensler stated that the U.S. does not require additional digital currencies.

Gensler also addressed the legal ambiguity surrounding cryptocurrencies and the SECs approach to them, hinting at similarities between the pending legal case against Sam Bankman-Fried, founder of FTX, and the SECs action against Zhao.

Price Action: At the time of writing, ETH was trading at $1,874.39, up 3.12%, in the last 24 hours, according to Benzinga Pro.

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