As a seasoned analyst with over two decades of experience in intellectual property law and digital asset markets, I find this case between Mark Longo and Binance to be particularly intriguing. With my background in both traditional IP rights and the burgeoning world of cryptocurrencies, I can’t help but see the potential for a fascinating legal precedent being set here.
Mark Longo, the owner of Peanut the Squirrel, has issued a cease-and-desist letter to cryptocurrency exchange Binance, accusing it of trademark infringement in connection with its PNUT-themed memecoin.
Longo alleges that Binance unauthorizedly utilized his “Peanut the Squirrel” trademark and character resembling Peanut the Squirrel to advertise the PNUT cryptocurrency, a claim he has been associated with for educational and charitable purposes since 2017.
The letter requires the cryptocurrency platform to discontinue its use of the PNUT logos and characters, stating that legal action might be taken against them, with each violation carrying a possible fine of up to $150,000.
The case raises an important issue about intellectual property (IP) rights in crypto, where memecoins and viral branding can result in blurred legal boundaries.
“Binance hasn’t made any public comments regarding the accusations as of now. It’s worth mentioning that legal scholars are pointing out that this case might establish a significant precedent concerning intellectual property rights within the rapidly growing sector of meme-based cryptocurrencies.
Allegations details
As stated by Longo’s lawyers, the violation encompasses the unapproved use of the phrases “PEANUT THE SQUIRREL” and “PNUT,” as well as a particular copyrighted depiction of the squirrel symbol, the mascot.
In simpler terms, the letter suggests that Binance’s PNUT-themed crypto and its logo, which resembles the PNUT character, might lead consumers to think there is an association or approval from Longo, which hasn’t been granted.
The cease-and-desist letter cites violations under the United States Copyright Act and states that the crypto exchange’s actions constitute unlawful reproduction and display of the protected IP.
PNUT memecoin and market impact
Longo’s letter and public statement come after the swift escalation of the PNUT meme-token, which attracted widespread attention and media coverage following an influential viral incident in late October.
As a researcher immersed in the dynamic world of cryptocurrencies, I’ve been intrigued by an unusual phenomenon: The heartrending narrative behind certain meme coins seems to have inadvertently sparked a surge. In this case, it was Peanut the Squirrel-themed memecoins that seemingly multiplied overnight in the crypto market, a sight that has certainly caught my attention.
In the past day, two meme coins based on peanuts managed to rank among the top 10 tokens in Dexscreener’s charts. On November 14, the PNUT token reached a market capitalization of an impressive $2.25 billion.
Next steps and legal implications
In simpler terms, the legal notice sent to Binance asks them to stop any activities that violate laws or rights by the end of this year (December 31), and they must also provide a written statement showing that they have complied with these demands.
If the cryptocurrency platform doesn’t meet Longo’s legal requirements, there’s a possibility that the creator of Peanut the Squirrel might opt to sue for an injunction (to stop the exchange from continuing non-compliant actions), compensation, and reimbursement for legal costs in a U.S. court.
Notable platforms such as Coinbase and Kraken are said to be contemplating adding PNUT to their listings, potentially intensifying the situation even more.
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2024-12-16 15:43