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Class Action Lawsuit Filed for Not Registering Tezos Cryptocurrency with the SEC

On November 26, 2017, a securities class action was filed on behalf of all U.S. investors that contributed the digital currencies to the Tezos blockchain “Initial Coin Offering” (“ICO”) between July 1 and 14, 2017. An ICO is a fundraising mechanism through which the founders of a blockchain project sell crypto tokens in exchange for the cryptocurrencies bitcoin and ethereum (aka ether). The complaint alleges that “Between September 2016 and March 2017, the [Defendants] conducted a pre-sale of Tezos tokens to three crypto-token focused hedge funds, and seven high net worth individuals. The Breitmans collected $612,000 in funding, in exchange for an allocation of Tezos tokens equivalent to $893,200.77 (a 31.48% discount). In violation of Sections 5, 12(a)(1) and 15 of the Securities Act of 1933 (the “1933 Act”), Defendants offered and sold Tezos tokens without filing a registration statement with the Securities and Exchange Commission. Tezos tokens are securities.” The copy of t...
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U.S. Patents Covering Blockchain (Cryptocurrency)

A search of issued U.S. patents for the term “blockchain” in the abstract provides the following seven patents: U.S. PATENT 9,807,106 British Telecommunications  1. A computer implemented method for detecting malicious attacks presenting a threat to a blockchain associated with a blockchain data structure of a computing device comprising: defining by the computing device a transaction creation profile according to which transactions can be generated and submitted to the blockchain; submitting a transaction to the blockchain, the transaction causing the generation of a profiler data structure in the blockchain including executable code to generate profile transactions to be submitted to the blockchain according to the transaction creation profile; monitoring by the computing device the blockchain to identify profile transactions based on profile transactions submitted by the profile data structure generated in the blockchain; and comparing identified profile transactions w...
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Goldman Sachs’ Sole Crypto-Currency Patent

Goldman Sachs seems to have a single patent (U.S. Patent 9,704,143) directed to crypto-currency.  The patent claims aggregating “a cryptographic currency representing a security” to obtain the same security with a bigger value.  The specification gives the example that “100 individual IBM [cryptographic currency] ( i.e. , each worth 1 IBM share) can be aggregated by the described technology into a single IBM [cryptographic currency] having a ‘face value’ of 100 IBM shares. ” Claim 1 of the patent reads as follows: 1. A non-transitory computer-readable storage device having contents adapted to cause a programmed computer system to perform operations comprising: receiving, from a source computing node in a network, one or more electronic transaction messages,  wherein the one or more electronic transaction messages include at least transaction information and a digital signature of the source computing node,  wherein the transaction information includes at ...
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