Crypto Community Reacts to Matter Labs' Trademark Attempt; Ether ETF Predicted for June Launch
Summary:
Matter Labs' attempt to trademark the term "zero-knowledge" has sparked backlash in the crypto industry, with leading figures calling for the application's withdrawal. Meanwhile, predictions suggest late June or early July for the launch of U.S. spot Ether ETFs due to incoming S-1 filings. Gemini, a cryptocurrency exchange, is launching distributions from their now-defunct Earn lending program, aiming to return $2.18 billion to its users.
Matter Labs' choice to seek trademark for the phrase "zero-knowledge" has provoked a storm of protest in the world of cryptocurrency. Predictions for US Ether ETFs are now suggesting that they could be launched at the end of June or the beginning of July, as S-1 filings are being processed. Meanwhile, Gemini, a cryptocurrency exchange, is preparing to return billions of dollars that got stuck in its defunct loan scheme.
Matter Labs is causing a stir as it has lodged applications in nine different nations claiming trademark rights over the phrase “zero-knowledge", a move that has been met with ire from those operating in the crypto sector. Their efforts are aimed at making this term exclusively linked to their brand name, as the company behind zkSync has already attempted to list a token with the symbol “ZK” on crypto exchanges.
The term "zero-knowledge", or ZK, refers to encryption protocols that allow one party (the prover) to convince another (the verifier) of the truth of a claim, without revealing any specifics regarding that claim. Eli Ben-Sasson, StarkWare's CEO, made the comment that Matter Labs’ attempt to copyright this technology equates to an "unreasonable IP snatch."
Meanwhile, a public letter, which brands Matter Labs' copyright application as “overbearing behavior” has been drafted and signed by some leading figures in the industry, calling on Matter Labs to withdraw their application. The signatories included Sandeep Nailwal and Brendan Farmer, co-founders of Polygon, along with StarkWare's CEO Eli Ben-Sasson, the inventor of zkBridge, Tiancheng Xie, and the winner of the Turing award, Shafi Goldwasser who co-invented ZK-proofs.
Industry pundits hold that the introduction of spot Ether (ETH) exchange-traded funds (ETFs) in the United States could be imminent, possibly as soon as the end of June, as BlackRock has updated a vital form needed for the process to proceed. The announcement was made by the cryptocurrency exchange, Gemini, that it is poised to distribute $2.18 billion to those users involved with the Earn lending scheme, a process which has been on hold for 18 months. Users will eventually receive 232% of their digital assets' initial value, once distributions are finally made, including the initial deposits plus the value of any assets loaned by participating in the Earn scheme.
Published At
5/30/2024 4:06:21 PM
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