The world-famous Winklevoss Twins, Tyler and Cameron Winklevoss, have sought the victory of getting a patent dealing with ‘digital math-based assets’ approved by the U.S. Securities and Exchange Commission [SEC] through Winklevoss IP LLP.
Besides the Twin brothers, Evan Louis Greebel, Kathleen Hill Moriarty, and Gregory Elias Xethalis were listed as the co-inventors of the patent. The patent was filed on November 27, 2017, after which it was approved on June 19, 2018.
Counting from December 2017, this is the seventh time in a row that the twin brothers have been awarded the patents encircling cryptocurrency assets and stocks.
The patent aims to develop an application with ‘digital math-based assets’ being the root. This has also delineated several other use-cases of Exchange Traded Fund in the real world. The tokens that have been listed include major whales like Bitcoin [BTC] to blooming grimy tokens like BBQCoin and fiat currencies like the US Dollar.
Exchange Traded Fund is similar to a stock market where the assets [in this case, cryptocurrency tokens] can be listed and collectively bought. This ensures security for the funds as the asset is a combination of all the tokens available in ETF. Hence, even if the value of one token drops, the effect on the value of your asset would be negligible as the value of other tokens will be up.
A patent detailing Bitcoin-based Exchange Traded Fund was submitted by the brothers in mid-2013. However, SEC turned their bid down keeping high concern on the national security regulations and cited two reasons for spurning their bid. They said:
“First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.”
Their proposal has not been approved yet but cryptocurrency enthusiasts who support ETF are still optimistic that it would be a great add-on to the functionality of Bitcoin [BTC] if ETF goes live.
Dellintelbitcoin, a Reddit user commented:
“They have likely spent a ton of money particularly on legal fees over the years trying to get this ETF approved and they have not given up yet. Gotta give them credit for that.”
Lite_Coin_Guy, a Redditor says:
“”I remember when people said Facebook was a fad,” Tyler says, holding back a laugh. “We saw this movie play out already with Facebook. We feel like we’re in the same movie again, just with a different cast of characters.””
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