The estate of “Lord of the Rings” author J.R.R. Tolkien won a legal victory over a purported copyright infringement stemming from the creation of a “JRR Token,” which referenced iconic lines from the beloved fantasy novel on its website, according to a Tuesday (Nov. 23) report from Market Watch.
The Tolkien estate successfully disputed that the token infringed on trademark rights to the author’s name, according to the report. The World Intellectual Property Organization ruled in favor of the estate, turning over the JRRToken.com domain and preventing the developer from using that name, according to the report.
At a time when cryptocurrency use is growing exponentially — the digital asset surpassed $3 trillion in value earlier this month — regulators are increasingly calling for more oversight, and, in some instances, an outright ban, according to PYMNTS.
See also: Cryptocurrency Hits $3T in Value, a New Milestone
India is looking to ban all private cryptocurrencies as it plans move forward with its digital Rupee, according to PYMNTS. The country’s Parliament is considering the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021,” which, if enacted, would ban the digital assets.
Read more: India Again Announces Plan to Ban Cryptocurrencies as Digital Rupee Moves Ahead
India seems ready to follow in the footsteps of China, which, in September, deemed all cryptocurrency transactions illegal. The People’s Bank of China asserted that the ban was needed to protect national security and social stability, as well as shielding investors from risks. China officials referenced illegal activities surrounding cryptocurrency, including money laundering, gambling and other schemes as reasoning for its ban.
Related reading: China Declares All Cryptocurrency, Related Transactions Illegal
Meanwhile, the Financial Policy Committee of the Bank of England said recently that local and international rules are necessary to manage risks related to cryptocurrencies, according to PYMNTS.
Other news: Bank of England: Measures Needed to Manage Potential Crypto Risks
In the U.S., the Biden administration is advancing several initiatives aimed at better regulation of the digital asset, including the U.S. Department of Justice’s creation of a National Cryptocurrency Enforcement Team.
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