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(Reuters) – Cryptocurrency provider Circle Internet Financial Ltd. was sued in Texas federal court on Thursday by another cryptocurrency firm for infringing a digital asset trading patent. .
The lawsuit from Veritaseum Capital LLC seeks at least $350 million in damages based on allegations that certain features of Circle’s business infringe its patents.
Veritaseum sued Coinbase in September for infringing the same patent. Coinbase’s motion aims to dismiss the pending lawsuit.
Circle declined to comment on the latest lawsuit. His Veritaseum attorney at Brundidge & Stanger, Carl Brundidge, said in an email on Friday that the company is “ready to resolve this matter without litigation, but Circle has not been cooperative.”
Veritaseum previously issued the token VERI. In 2019, founder Reggie Middleton and two Veritaseum entities paid the U.S. Securities and Exchange Commission more than $9.4 million to settle accusations of a “fraudulent scheme” to sell tokens.
The SEC has accused it of manipulating prices by misleading investors about demand for the token. They settled the case without admitting or denying the charges.
Boston-based Circle operates USDC, a stablecoin designed to maintain a consistent value. The Veritaseum lawsuit alleges that Circle’s transfer technology, blockchain infrastructure, and other features infringe Middleton’s patents.
The case is Veritaseum Capital LLC v. Circle Internet Financial Ltd, United States District Court for the Eastern District of Texas, No. 2:22-cv-00498.
For Veritaseum: Carl Brundidge and David Moore of Brundidge & Stanger
For circles: Not available
(Note: This article has been updated with comments from Veritaseum.)
read more:
Coinbase sued for patent infringement of cryptocurrency transfer technology
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