Fintech startup SolidX has sued investment company VanEck. The reason was her application to register an exchange-traded fund (ETF) based on bitcoin, writes Law360.
SolidX has been working on creating a Bitcoin ETF since 2015 and later teamed up with VanEck. The companies filed a joint application but withdrew it in September 2019.
In 2020, the partners broke off relations. However, on December 30, VanEck filed a new application to launch a Bitcoin ETF.
SolidX believes VanEck has behaved in bad faith. Representatives of the startup call the registration application to the US Securities and Exchange Commission (SEC) plagiarism.
“The structure of VanEck’s proposed Bitcoin ETF is essentially identical to the structure that SolidX was seeking approval from the SEC,” the lawsuit said.
The startup claims that the bitcoin ETF the partners were working on was originally called the SolidX Bitcoin Trust. It was later renamed VanEck SolidX Bitcoin Trust at the insistence of the defendant.
Earlier, JPMorgan strategists said that the approval of the Bitcoin ETF in the US will negatively affect the price of the first cryptocurrency in the short term.
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