The United States copyright office has issued a response to Craig Wright’s application to lay legal claim to the Bitcoin [BTC] whitepaper and software. The May 22 response from the office paints a grim picture for the hopes of the nChain’s chief scientist’s claims of being Satoshi Nakamoto.
Firstly, the document stated that it “does not have an opposition procedure for copyright registrations,” highlighting the case of patents and trademarks. The document further read that any “disputes over the claims in registration may be heard before federal courts” and that if the applicant issues “false information,” they will be “subject to penalties.”
The Copyright Office has received lots of questions about certain Bitcoin registrations, see our response: https://t.co/C0dBuzec4X
— US Copyright Office (@CopyrightOffice) May 22, 2019
Speaking on the topic of acquiring the identity of a pseudonym, the document stated:
“In a case in which a work is registered under a pseudonym, the Copyright Office does not investigate whether there is a provable connection between the claimant and the pseudonymous author.”
Coming to the examination process of the disputed pieces of the intellectual property i.e. the whitepaper and the software, the copyright office will conduct an “examination,” to determine if the “deposited work is eligible for protection under the Copyright Act,” and if it requires “registration.”
The office will contact the Wright if any “inconsistencies” sprout. Furthermore, the office will correspond with him to submit “well known work whose author is known,” in relation to his submitted claim.
Wright and his application are currently in the “examination process,” with the office ‘taking note,’ of the pseudonym Satoshi Nakamoto, which the applicant, unsurprisingly, confirmed he is.
The document concluded:
“In the case of the two registrations issued to Mr. Wright, during the examination process, the Office took note of the well-known pseudonym “Satoshi Nakamoto,” and asked the applicant to confirm that Craig Steven Wright was the author and claimant of the works being registered. Mr. Wright made that confirmation. This correspondence is part of the public registration record.”
Regardless of the document, the crypto-community on Twitter have dismissed Wright’s claims time and time again, stating that the recent application was ‘just another form,’ and that ‘anyone can file it.’
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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