Global investment management company VanEck, a blockchain firm and former partner SolidX, are facing legal action over a Bitcoin ETF filed by VanEck for SEC approval less than two weeks ago.

In 2017, VanEck became the first company to file a Bitcoin ETF registered under the Investment Firms Act, and SolidX has brought a Bitcoin ETF to the market since 2015. In June 2018, both companies joined SolidX to promote their deep crypto experience as a complement. VanEka’s extensive experience in publishing financial products.

However, after their last joint Bitcoin ETF request was withdrawn in September 2019, the two companies split up in August 2020. In SolidX’s complaint, the split is described as “bad faith termination” of their agreement.

On December 31, VanEck announced that they had filed a new Bitcoin ETF application.

According to the lawsuit, VanEck’s SEC filings suggest that the company “hid work on its Bitcoin product, even when it informed the world that it was“ married ”to SolidX. The blockchain company claims:

“Using SolidX’s work and work product to compete with it is bad enough, but VanEck’s filing would be plagiarized in any other context: VanEck’s proposed ETF structure from Bitcoin is essentially identical, or nearly identical, to that requested by SolidX. SEC Approval “.
Plaintiff also claims that “VanEck began advertising products that directly compete with each other” within weeks of the termination of the agreement, and that VanEck “could not launch [the listed products] without acting against SolidX’s interests, while business partner more …. “.

In November, VanEck launched the de facto backed exchange-traded bitcoin paper on the German market Deutsche Börse Xetra.

SolidX claims that VanEck’s “remarkable” brand and “credibility” as an ETF issuer announced its decision to partner with the company, stating that VanEck “has little bitcoin experience, if any,” and hired SolidX to gain experience in cryptocurrencies.

Source: CoinTelegraph