Circle Internet Group, the company behind the USDC stablecoin, has accused the memecoin Just A Circle ($CRCL) of brand infringement, leading to notable market fluctuations.
Circle's Accusations Against Just A Circle
The memecoin Just A Circle launched on June 18 on Bonk.Fun. A few days later, users noticed that Solscan changed the ticker from $CRCL to 'SPL Token' and added a disclaimer regarding unauthorized use of copyrighted material. On July 7, a member of the Just A Circle community reached out to Solscan and received a response stating that an investigation into brand infringement was underway, initiated by Circle.
Response from the Just A Circle Community
The Just A Circle community expressed dissatisfaction with the accusations, posting screenshots of correspondence with Solscan on X and urging a review of the filed complaints. This tweet led to the memecoin's market capitalization rising from $500k to $15 million within 15 minutes, although it subsequently decreased to $1.44 million. Additionally, Just A Circle released an AI-generated video mocking Circle, with the narrator stating: 'Some people never learn how to play in the sandbox.'
Previous Ticker Issues with Circle
Circle Internet Group went public on the New York Stock Exchange under the ticker CRCL on June 5. However, another company in the oil and gas sector, Corcel PLC, already used the same ticker, leading to accidental purchases of Corcel PLC shares following Circle's debut, causing their price to spike by 16,689%. This is not the first time a memecoin has used copyrighted names or ticker symbols, leading to complications in the legal landscape.
The dispute between Circle and Just A Circle highlights the complex relationship between memecoins and intellectual property rights, necessitating discussions surrounding the ethical implications in the cryptocurrency space.
