Bitcoin, with a market value of nearly $507 billion, currently dominates the cryptocurrency market at 44% of the $1.15 trillion market, according to CoinGecko. Dogecoin, valued at $9.6 billion, holds the ninth position by market value. Dorsey even dismissed Ether, the second-largest cryptocurrency by market value at $222.1 billion and the native token of the Ethereum blockchain, when asked about its status as a security. Dorsey’s response indicated that Ether is indeed considered a security by his understanding.
The SEC’s complaint and the suggestions from Musk and Dorsey have raised questions about Coinbase’s offerings. With the SEC considering only bitcoin to be a non-security, Coinbase could face further complications if it continues to offer Ether. As the regulatory and legal environment intensifies, Coinbase will need to carefully navigate its future operations and consider the recommendations put forth by influential figures like Musk and Dorsey.
