SolidX files lawsuit against VanEck alleging Bitcoin ETF ‘plagiarism’

Global investment management firm VanEck, is facing a lawsuit from blockchain firm and former-partner SolidX over a Bitcoin ETF that VanE...



Global investment management firm VanEck, is facing a lawsuit from blockchain firm and former-partner SolidX over a Bitcoin ETF that VanEck filed for SEC approval less than two weeks ago.

In 2017, VanEck became the first company to file for a Bitcoin exchange-traded fund registered under the Investment Company Act, while SolidX has been working to bring a Bitcoin ETF to market since 2015. The two firms joined forces in June 2018, with SolidX touting its deep experience with crypto as a compliment to VanEck’s extensive background in issuing financial products.

However, after withdrawing their most recent joint application for a Bitcoin ETF in September 2019, the two firms parted ways in August 2020. SolidX’s complaint describes the split as a “bad faith termination” of their agreement.

On Dec. 31, VanEck announced it had filed a new application for a Bitcoin ETF.

According to the lawsuit, VanEck’s SEC filings suggest the firm was “surreptitiously working on its own Bitcoin product even while telling the world that it was ‘married’ to SolidX.” The blockchain firm asserts:

“Using SolidX’s work and work product to compete with it is bad enough, but the registration statement VanEck filed would be called plagiarism in any other context: the structure of VanEck’s proposed Bitcoin ETF is substantively identical, or virtually so, to the structure for which SolidX sought SEC approval.”

The plaintiff also alleges that “VanEck began announcing products that directly compete” within weeks of their terminated agreement, and that VanEck “could not have begun to issue [said products] without working against SolidX’s interests while still its business partner.”

In November, VanEck launched a physically-backed Bitcoin exchange-traded note on Germany’s Deutsche Börse Xetra market.

SolidX states that VanEck’s “marquee” brand and “credibility” as an ETF issuer informed its decision to team up with the firm, claiming that VanEck “had little, if any, expertise in Bitcoin” and hired SolidX for its expertise on crypto assets.

Source link

COMMENTS

Name

Africa,730,Americas,3915,Art & Culture,14238,Arts,6336,Arts & Design,1527,Asia,3117,Automobile,416,Baseball,504,Basketball,402,Books,3728,Business,5169,Celebrity,2595,Cricket,607,Crime,123,Cryptocurrency,1391,Dance,589,Defense,799,Diplomatic Relations,2453,Economy,1011,Editorial,260,Education,1120,Elections,292,Energy & Environment,2990,Entertainment,22098,Environment,3471,Europe,4066,Faith & Religion,207,Family & Life,777,Fashion & Style,3088,Finance,18995,Food & Drink,3578,Football,1029,Games,75,Gossip,10247,Health & Fitness,3919,Health Care,873,Hockey,182,Home & Garden,882,Humour,953,Latin America,49,Lifestyle,16244,Media,493,Middle East,1401,Movies,1582,Music,2488,Opinion,2736,Other,11247,Other Sports,4870,Political News,11240,Political Protests,2282,Politics,17293,Real Estate,1689,Relationship,63,Retail,3071,Science,2475,Science & Tech,9495,Soccer,161,Space & Cosmos,278,Sports,11419,Technology,3271,Tennis,507,Theater,1564,Transportation,278,Travel,2440,TV,3531,US Sports,1436,Video News,3531,War & Conflict,1028,Weird News,955,World,15583,
ltr
item
Newsrust: SolidX files lawsuit against VanEck alleging Bitcoin ETF ‘plagiarism’
SolidX files lawsuit against VanEck alleging Bitcoin ETF ‘plagiarism’
https://s3.cointelegraph.com/uploads/2021-01/b1515c1f-7a0a-4365-9002-67aa85fe52f4.jpg
Newsrust
https://www.newsrust.com/2021/01/solidx-files-lawsuit-against-vaneck.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2021/01/solidx-files-lawsuit-against-vaneck.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content