UPDATED 23:03 EST . 27 MAY 2018 A company in the U.K.

has successfully trademarked the term “bitcoin” and is attempting to enforce the trademark’s use causing the cryptocurrency press to go into meltdown, but all is not as it seems. The drama begins with an Etsy seller publishing a letter from a lawyer representing the bitcoin trademark holder in relation to bitcoin-branded clothing items the person was offering for sale. “It has come to our client’s attention that you are offering for sale a variety of clothing bearing the Bitcoin trademark on Etsy.co.uk.

[Our Client] has not authorised your use of the Bitcoin trademark on and in relation to clothing. Such use, therefore, amounts to trademark infringement pursuant to s10(1) of the Trade Marks Act 1994,” the letter reads.

In an apparent act of benevolence, the letter goes on to note while the trademark holder could take action against the seller they instead give the seller 14 days to remove the infringing goods instead. While cryptocurrency sites have gone into meltdown over the fact that someone has not only trademarked bitcoin and were enforcing the trademark, with one site even going as far as saying the trademark holder will “have authority over everything Bitcoin, at least in the U.K.,” the truth is nowhere near that reported as the vast majority of those covering the story don’t understand basic trademark law.

Putting aside the moral arguments over anyone holding a trademark over the term bitcoin, trademarks relate to specific products and the trademark used in this case, UK00003279106, registered by a company called A.B.C. IP Holdings South West only covers three classes of goods – U.K. Read more from siliconangle.com…

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