Bitcoin SV Gives Up Gains as Wright’s BTC Copyright in Check

Bitcoin SV, the cryptocurrency spearheaded by self-proclaimed creator of Bitcoin, , has risen by a massive 67 percent, at the time of writing.
The cryptocurrency that was seems to have found respite from the bears as Craig Wright has been granted copyright registrations for the Bitcoin’s whitepaper and software. The step was seen as bolstering his claims to be the pseudonymous Satoshi Nakamoto.

Following the news, began a rapid increase, which took it to a high of $139.31, or up nearly 120 percent from yesterday’s close at $60.71. However, the price surge lost steam as more realities and details come to light. At the time of writing, it was trading at $101.

Despite the initial reaction that the US Copyright Office’s filing is the first official recognition that Wright is the author of Bitcoin’s original code and whitepaper, but the identity of Satoshi Nakamoto is however still unverified as copyright registration is totally different than the granting of copyright.
Some crypto experts confirmed this fact, including Coincenter’a director Jerry Brito who said that anyone can register whatever he wants. In a nutshell, claims are not investigated by the Copyright Office, and thus registration is not proof of anything. It is just notice to the world that one is claiming copyright.
Wright’s relationship to bitcoin is a complicated one
Of note, the U.S. Supreme Court has recently required the U.S. Copyright Office to complete its review of any application it receives for copyright registration, but the decision didn’t take effect yet.

Registering a copyright is just filing a form. The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them.

— Jerry Brito (@jerrybrito)

False copyright registration is “copyfraud”. Unfortunately, no private right of action exists under relevant US copyright law, 18 U.S.C. § 506(e). Violations are punishable by a fine of up to $2,500. No company has ever been prosecuted for violating this.

— Chris Harvey (@ChrisHarveyEsq)

Many cryptocurrency enthusiasts have been angry about the recent news as prior attempts have infuriated Bitcoiners in the past. Indeed, Wright’s relationship to bitcoin is a complicated one. This controversy all started with his claim that he was , but quickly begged off providing definitive proof that he was the anonymous inventor of Bitcoin.
People in the crypto community decried and a scammer, and somewhere along the way he earned the nickname Faketoshi.