Cryptocurrency exchange Gemini founders Tyler and Cameron Winklevoss have long pursued creating a Bitcoin exchange-traded fund (ETF).
According to the U.S. Patent Office, a company owned by the Winklevoss twins has secured another U.S. patent related to cryptocurrency and digital asset exchange-traded products (ETPs).
The patent was granted to an entity named Winklevoss IP LLP, with the Winklevoss brothers listed as inventors alongside Evan Louis Greebel, Kathleen Hill Moriarty, and Gregory Elias Xethalis.
Issued on June 19, the patent outlines methods for "providing an exchange-traded product holding digital assets." However, it remains unclear when or how this will be applied to real-world products.
👉 What are ETPs in cryptocurrency?
An ETP is a type of security whose value derives from other investment instruments—in this case, cryptocurrencies.
Previous Patents and Developments
Last month, the Winklevoss brothers won another closely related cryptocurrency trading patent. Like their previous patents, this latest one supports various cryptocurrencies—from major coins like Bitcoin and Monero to niche tokens such as BBQcoin.
Public records show this is the seventh cryptocurrency-related patent awarded to the Winklevoss brothers.
Regulatory Challenges
The U.S. Securities and Exchange Commission (SEC) rejected the Winklevoss brothers' 2017 proposal for a Bitcoin-backed ETF, citing concerns over market manipulation and investor protection.
👉 Why did the SEC reject Bitcoin ETFs?
Gemini’s Expansion Plans
Despite regulatory hurdles, the Winklevoss twins continue expanding their Gemini exchange operations, including plans for U.K. growth.
FAQs
Q: How many cryptocurrency patents do the Winklevoss brothers hold?
A: They currently hold seven patents related to digital asset ETPs and trading systems.
Q: What was the SEC’s reason for rejecting their Bitcoin ETF?
A: The SEC cited insufficient safeguards against fraud and market manipulation.
Q: Are Winklevoss patents applicable to altcoins?
A: Yes, their patents cover diverse cryptocurrencies, from Bitcoin to smaller tokens.
Q: When was this latest patent issued?
A: June 19, detailing digital-asset-backed ETPs.