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Craig Wright Filed 114 Blockchain-Related Patents Since 2017

Craig wright filed 114 blockchain-related patents since 2017

Craig Wright Filed 114 Blockchain-Related Patents Since 2017

Craig wright filed 114 blockchain-related patents since 2017

Craig Wright, an Australian computer scientist who has sometimes claimed to be Bitcoin (BTC) creator Satoshi Nakamoto, has reportedly applied for a slew of blockchain-related patents since 2017. Tech news site The Next Web (TNW) published its research regarding Wright’s patent filings on March 18.

TNW reports that, since August 2017, the World Intellectual Property Organization (WIPO) has published 155 patent applications filed by Wright. As with the United States Patent and Trademark Office, the WIPO publishes patent applications to notify the public that there is a potential new technology in a certain industry or space.

Wright will only receive proprietary control over the patents’ contents if they are formally awarded by the WIPO. Per TNW, whether the WIPO awards a patent is dependent on if the office deems it sufficiently innovative.

TNW states that the term “blockchain” was used in patent titles 114 times, while “cryptocurrency” was only mentioned six times and “Bitcoin” was never mentioned. References were also made to smart contracts and digital assets.

Some have argued that Wright is a “patent troll” who is attempting to amass blockchain-related patents not to use them, but to extract rents from companies that want to apply the technology. Marc Kaufman, an attorney who co-chairs the Blockchain Intellectual Property Council at the U.S. Chamber of Digital Commerce, told Fortune:

“His tactics and activities have all the marks of being a patent assertion entity or what’s pejoratively known as a troll. I’m not aware of his companies having any products.”

Last year, Wright was sued for $4 billion when the estate of David Kleiman — a computer scientist and cyber-security expert, whom many suspect to have been one of the developers behind Bitcoin and blockchain tech — claimed that Wright stole billions of dollars worth of Bitcoin.

According to the plaintiffs, Wright recognized that the family were unaware of Kleiman’s wealth and “forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him. Craig backdated these contracts and forged Dave’s signature on them.”

In a recent development in the case, software engineer and Bitcoin pioneer Jeff Garzik was subpoenaed by a U.S. District Court. The subpoena calls Garzik to appear in court and with any evidence regarding the “personal theory” that Kleiman was Satoshi Nakamoto. The subpoena also orders Garzik to provide all communications, agreements and documents related to both Wright and Kleiman.

Published at Tue, 19 Mar 2019 03:16:09 +0000

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Take Two: SEC to Review Its Bitcoin ETF Decision

The U.S. Securities and Exchange Commission has announced that it will review its decision regarding the Winklevoss twins’ bitcoin ETF.


SEC to Review Its bitcoin ETF Decision

The U.S. Securities and Exchange Commission (SEC) will review its decision regarding the rejection of the bitcoin exchange-traded fund (ETF) proposed by Cameron and Tyler Winklevoss.

statement issued by the SEC in response to a petition for review of the Disapproval Order by the Bats BZX Exchange reads:

[…] it is hereby: ORDERED that the petition of BZX for review of the Division’s action to disapprove the proposed rule change by delegated authority be GRANTED; and It is further ORDERED that any party or other person may file a statement in support of or in opposition to the action made pursuant to delegated authority on or before May 15, 2017.

The SEC first rejected the bitcoin ETF (COIN) proposed by the Winklevoss twins last month, citing risk of fraud and a lack of regulation in the bitcoin markets. The statement in which the SEC rejected the COIN EFT reads:

As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.

The petition filed by the Bats BZX Exchange will see the SEC’s action to disapprove the bitcoin ETF reviewed and possibly amended. If so, COIN ETF shares would be traded on a public stock exchange, providing an easy way for investors to capitalize on the price of BTC without the need to deal with Bitcoin exchanges, wallets, private keys, and so forth.

Winklevoss Chose Bats Exchange For a Reason

As noted by Blockchain researcher and host of the Crypto Scam podcast, Tone Vays, ‎in a 2016 interview, it is very likely that the Winklevoss twins chose to work with the Bats BZX Exchange on the COIN ETF for this very reason. 

Vays

“My guess is the reason that they changed is that Bats is the new kid on the block, so they push the issues a bit,” Vays explained. 

Not only does it make sense for the Winklevoss twins to identify with the Bats BZX Exchange due to the “experimental” nature of the COIN ETF, but it is also a great strategic move that ensured the exchange they partnered with would help them fight to see the bitcoin ETF approved.

Vays continued:

Nasdaq might not have been helping the Winklevoss fight against the SEC to get this approved and maybe Batz said ‘you know what, we’ll throw your lawyers at it’.

The Saga So Far

The Winklevoss’ bid to see a bitcoin exchange-traded fund on public stock exchanges is a saga that has been going on for roughly three years. It started with the filling of an S-1 form for the Winklevoss bitcoin Trust in May 2014.

Twins

The Winklevoss bitcoin Trust was based on the twins’ substantial bitcoin holdings (roughly 1% of the total supply at the time) and had Math-Based Asset Services LLC as the sponsor of the Trust. Later that year, a follow-up filling was made in order list the Winklevoss bitcoin Trust as an ETF on the NASDAQ OMX exchange with the name “COIN.”

Two years later, in June 2016, the twins filed a document that would see the ETF listed on the Bats exchanged instead of Nasdaq. The same filing also saw the ETF offering increase from $20 to $65 million.

Last month, the Securities and Exchange Commission (SEC) denied the Winklevoss Twins’ bitcoin ETF, which lead to the petition by the Batz BZX Exchange.

Do you think that the Winklevoss bitcoin ETF will be approved after the SEC’s revision? If so, let us know why in the comments below.


Images courtesy of Shutterstock

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