SolidX files lawsuit against VanEck alleging Bitcoin ETF ‘plagiarism’

Global investment management company VanEck, is facing a lawsuit from blockchain company and former-partner SolidX over a Bitcoin ETF that VanEck declared SEC approval less than two weeks back.
In 2017, VanEck became the very first business to apply for a Bitcoin exchange-traded fund registered under the Investment Company Act, while SolidX has been working to bring a Bitcoin ETF to market given that 2015. The two companies joined forces in June 2018, with SolidX touting its deep experience with crypto as a compliment to VanEcks substantial background in releasing financial items.
After withdrawing their most current joint application for a Bitcoin ETF in September 2019, the 2 companies parted methods in August 2020. SolidXs grievance describes the split as a “bad faith termination” of their agreement.
On Dec. 31, VanEck revealed it had submitted a brand-new application for a Bitcoin ETF.
According to the suit, VanEcks SEC filings recommend the company was “surreptitiously dealing with its own Bitcoin item even while telling the world that it was married to SolidX.” The blockchain company asserts:
” Using SolidXs work and work product to compete with it is bad enough, however the registration declaration VanEck submitted would be called plagiarism in any other context: the structure of VanEcks proposed Bitcoin ETF is substantively similar, or practically so, to the structure for which SolidX looked for SEC approval.”
The plaintiff likewise declares that “VanEck started announcing products that directly contend” within weeks of their terminated arrangement, which VanEck “might not have actually started to provide [said products] without working against SolidXs interests while still its organization partner.”
In November, VanEck released a physically-backed Bitcoin exchange-traded note on Germanys Deutsche Börse Xetra market.
SolidX states that VanEcks “marquee” brand name and “reliability” as an ETF company informed its choice to team up with the company, declaring that VanEck “had little, if any, knowledge in Bitcoin” and hired SolidX for its expertise on crypto possessions.
Title: SolidX files claim versus VanEck declaring Bitcoin ETF plagiarism.
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Published Date: Wed, 13 Jan 2021 05:55:13 +0000.
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