DETAILED ACTION
Acknowledgements
This Office Action is in response to Applicant’s correspondence filed on 11/24/25.
The Examiner notes that citations to United States Patent Application Publication paragraphs are formatted as [####], #### representing the paragraph number.
In the event the determination of the status of the application as subject to AIA 35 U.S.C. 102 and 103 (or as subject to pre-AIA 35 U.S.C. 102 and 103) is incorrect, any correction of the statutory basis for the rejection will not be considered a new ground of rejection if the prior art relied upon, and the rationale supporting the rejection, would be the same under either status.
Status of Claims
Claims 1-17, 20-22 are currently pending.
Claims 1-17, 20-22 are rejected as set forth below.
Notice of Pre-AIA or AIA Status
The present application, filed on or after March 16, 2013, is being examined under the first inventor to file provisions of the AIA .
Continued Examination Under 37 CFR 1.114
A request for continued examination under 37 CFR 1.114, including the fee set forth in 37 CFR 1.17(e), was filed in this application after final rejection. Since this application is eligible for continued examination under 37 CFR 1.114, and the fee set forth in 37 CFR 1.17(e) has been timely paid, the finality of the previous Office action has been withdrawn pursuant to 37 CFR 1.114. Applicant's submission filed on 11/24/25 has been entered.
Response to Arguments
Claim Rejections - 35 U.S.C. § 103
Applicant’s arguments with respect to claims 1-17, 20-22 have been considered but are moot because the arguments do not apply to any of the references being used in the current rejection.
Priority
Applicant’s claim for the benefit of a prior-filed application under 35 U.S.C. 119(e) or under 35 U.S.C. 120, 121, 365(c), or 386(c) is acknowledged. Applicant has not complied with one or more conditions for receiving the benefit of an earlier filing date under 35 U.S.C. 120 as follows:
The later-filed application must be an application for a patent for an invention which is also disclosed in the prior application (the parent or original nonprovisional application or provisional application). The disclosure of the invention in the parent application and in the later-filed application must be sufficient to comply with the requirements of 35 U.S.C. 112(a) or the first paragraph of pre-AIA 35 U.S.C. 112, except for the best mode requirement. See Transco Products, Inc. v. Performance Contracting, Inc., 38 F.3d 551, 32 USPQ2d 1077 (Fed. Cir. 1994).
The disclosure of the prior-filed applications, Application No. 62629417, 62638679, 62642931, 62642946, 62642931, 15920042 fails to provide adequate support or enablement in the manner provided by 35 U.S.C. 112(a) or pre-AIA 35 U.S.C. 112, first paragraph for one or more claims of this application. Specifically, the prior-filled applications fails to provide written description support for at least claim 1: “(H) receiving, by the exchange computer system from the first user device, a second request for the multi-leg transaction, wherein the second request includes:(1) a fiat type, wherein the fiat type is the first type of fiat; (2) an amount of fiat of the first type, wherein the amount of the first type of fiat is a third amount; (3) a digital asset type, wherein the digital asset type is a second type of digital asset; and (4) a first leg of the multi-leg transaction, wherein the first leg indicates the multi-leg transaction is to exchange the third amount of the first type of fiat for an amount of the second type of digital asset; (I) determining, by the exchange computer system, a first exchange rate corresponding to a first exchange of the first type of fiat for the second type of digital asset, wherein the first exchange rate is determined by performing the following steps: (1) obtaining, by the exchange computer system at a first predetermined time, first market data by: (a) generating, by the exchange computer system at the first predetermined time, a third request for first market data indicating a second exchange rate corresponding to a second exchange of the first type of fiat for a second type of fiat, wherein the second type of fiat is one type of fiat of the first plurality of types of fiat; (b) transmitting, by the exchange computer system to a first third-party exchange of the one or more third-party exchanges, the third request; and (c) receiving, by the exchange computer system from the first third- party exchange, the first market data comprising the second exchange rate, wherein the second exchange rate corresponds to a third exchange of the first type of fiat for the second type of fiat; (2) obtaining, by the exchange computer system at a second predetermined time, second market data from the one or more market databases, wherein the second market data includes a third exchange rate corresponding to a fourth exchange of the second type of fiat for the second type of digital asset; and (3) calculating, by the exchange computer system, the first exchange rate based at least on: (a) the second exchange rate; and (b) the third exchange rate; (J) determining, by the exchange computer system, a fourth amount of the second type of digital asset based on the third amount of the first type of fiat and the first exchange rate; (K) generating, by the exchange computer system, third machine-readable instructions comprising one or more instructions to display a third GUI, wherein the third GUI includes: (1) the multi-leg transaction; (2) the third amount of the first type of fiat; (3) the first exchange rate; and (4) the fourth amount of the second type of digital asset; (L) transmitting, by the exchange computer system, the third machine-readable instructions such that the third GUI is displayed on the first user device; (M) receiving, by the exchange computer system from the first user device, a first order to exchange the third amount of the first type of fiat for the fourth amount of the second type of digital asset; (N) verifying, by the exchange computer system, the first order by verifying one or more of the following: (1) the third amount of the first type of fiat is less than or equal to the first amount of fiat; (2) the first customer is authorized to order the multi-leg transaction; and (3) the fourth amount of the second type of digital asset is available to the digital asset exchange, wherein the availability of the fourth amount of the second type of digital asset is confirmed by accessing the one or more accounting databases; (O) allotting, by the exchange computer system, the third amount of the first type of fiat from the first customer fiat account to a different account associated with the digital asset exchange; (P) allotting, by the exchange computer system, the fourth amount of the second type of digital asset to the first customer digital asset account; (Q) executing, by the exchange computer system, the multi-leg transaction by updating: (1) the one or more transaction ledgers to indicate: (a) the third amount of the first type of fiat was withdrawn from first customer fiat account; and (b) the fourth amount of the second type of digital asset was deposited in the first customer digital asset account; and (2) the one or more customer account databases to indicate:(a) the third amount of the first type of fiat was withdrawn from first customer fiat account; and (b) the fourth amount of the second type of digital asset was deposited in the first customer digital asset account; and (R) assigning, by the exchange computer system, a first tag to the allotted third amount of first type of fiat, wherein the first tag indicates the third amount of the first type of fiat was received by the digital asset exchange as part of the multi-leg transaction.”. That is, the prior-filled applications do not provide written description support regarding the concept of executing a multi-leg fiat to cryptocurrency transaction as detailed by the aforementioned claim limitations.
Claim Rejections - 35 USC § 103
The following is a quotation of pre-AIA 35 U.S.C. 103(a) which forms the basis for all obviousness rejections set forth in this Office action:
(a) A patent may not be obtained though the invention is not identically disclosed or described as set forth in section 102, if the differences between the subject matter sought to be patented and the prior art are such that the subject matter as a whole would have been obvious at the time the invention was made to a person having ordinary skill in the art to which said subject matter pertains. Patentability shall not be negated by the manner in which the invention was made.
Claims 1-17, 20-22 is/are rejected under pre-AIA 35 U.S.C. 103(a) as being unpatentable over United States Patent Application Publication No. 20150363769 to Ronca in view of United States Patent Application Publication No. 20190012660 to Masters, United States Patent No. 8688570 to Jones, and United States Patent Application Publication No. 20170213289 to Doney.
As per claim 1, Ronca teaches:
A method comprising: ([0041], “In general, an enterprise may offer a variety of financial services that may utilize cryptocurrency. For example, currency exchanges are used by customers, such as customers of financial institutions, to exchange one currency for another currency.”)
(A) providing, by an exchange computer system associated with a digital asset exchange, one or more electronic databases stored on one or more computer-readable media operatively connected to the exchange computer system, the one or more electronic databases comprising: (1) one or more customer account databases comprising at least: (a) a first customer fiat balance associated with a first customer fiat account associated with a first customer, wherein the first customer fiat balance indicates a first amount of a first fiat owned by the first customer, and wherein the first fiat is a first type of fiat of a first plurality of types of fiat; (b) a first customer digital asset balance associated with a first customer digital asset account associated with the first customer, wherein the first customer digital asset balance indicates a second amount of a first digital asset owned by the first customer, and wherein the first digital asset is a first type of digital asset of a second plurality of types of digital asset; and (c) first verified customer credentials associated with the first customer; (2) one or more market databases comprising: (a) a plurality of fiat values, each of the plurality of fiat values corresponding to a type of fiat of a first plurality of types of fiat; and (b) a plurality of digital asset values associated with a first plurality of types of digital assets; (3) one or more transaction ledgers, comprising transaction data indicative of a plurality of transactions performed by the digital asset exchange; (4) one or more accounting databases associated with funds associated with the digital asset exchange, wherein the funds associated with the digital asset exchange comprise: (a) a second plurality of types of fiat, wherein the second plurality of types of fiat is a subset the first plurality of types of fiat; and (b) a second plurality of types of digital asset, wherein the second plurality of types of digital asset is a subset of the first plurality of types of digital asset; and (5) a third-party database comprising exchange information associated with one or more third-party exchanges; ([0046], “In particular, enterprise cryptocurrency environment 100 comprises customer device 110, network 120, enterprise cryptocurrency server 130, exchange servers 140, third party enterprise servers 150, data center servers 160, and payment service server 170.”; [0054], “Generally, exchange servers 140, i.e. a third-party database associated with a third-party exchange, may be associated with any cryptocurrency exchange that allows for the purchasing, selling, or transferring of cryptocurrency.”; [0061], “For example, customer account 203, i.e. one or more customer account databases, may include information such as an account number, account balance, routing number, location information, or any other information suitable for a particular purpose associated with one or more accounts that customer 102 may have associated with a particular enterprise.”; [0069], “In general, conversion engine 216, i.e. one or more market databases, determines current values, exchange rates, and/or advantages associated with converting the first currency into a variety of cryptocurrencies.”; [0098], “According to some embodiments, aggregation engine 222 may determine a public key associated with a customer account 203.”; [0129], “Transaction engine 220, i.e. one or more transaction ledgers/accounting databases, may store or retrieve information about any transaction in transactions 208. Transactions 208 may be any information associated with any transaction associated with enterprise cryptocurrency server 130.”)
(B) generating, by the exchange computer system, first machine-readable instructions comprising one or more instructions to display a first graphical user interface (GUI), wherein the first GUI includes a prompt for customer credentials; (C) transmitting, by the exchange computer system, the first machine-readable instructions such that the first GUI is displayed on a first user device associated with the first customer; (D) receiving, by the exchange computer system from the first user device, first user credentials; (E) verifying, by the exchange computer system, the received first user credentials by comparing the received first user credentials to the first verified customer credentials; ([0050], “In some embodiments, customer device 110 also may comprise graphical user interface (GUI) 114. GUI 114 is generally operable to tailor and filter data presented to customer 102. GUI 114 may provide customer 102 with an efficient and user-friendly presentation of information regarding the functionality of customer device 110. GUI 114 may comprise a plurality of displays having interactive fields, pull-down lists, and buttons operated by customer 102. GUI 114 may include multiple levels of abstraction including groups and boundaries. In certain embodiments, GUI 114 may comprise a web browser. In another embodiment, GUI 114 may comprise a graphical representation of a mobile application.”; [0099], “In certain embodiments, aggregation engine 222 may determine that a customer 102 authorized a request. For example, a customer 102 may be prompted to input user credentials before sending a request. User credentials may be the user's name, a username, a password, an account name, a personal identification number, a private key, a social security number, a credit card number, any combination thereof, or any other information that can authenticate a customer 102. In such an example, user credentials may be included in the request. Aggregation engine 222 may utilize enterprise cryptocurrency server 130 to retrieve information associated with the request, such as user credentials. Aggregation engine 222 may then compare the user credentials included in the request against the user credentials contained in the particular customer account 203 to determine whether customer 102 authorized the request.”)
(F) generating, by the exchange computer system, second machine-readable instructions comprising one or more instructions to display a second GUI, wherein the second GUI includes a first request for information associated with a first multi-leg transaction; (G) transmitting, by the exchange computer system, the second machine-readable instructions such that the second GUI is displayed on the first user device; (H) receiving, by the exchange computer system from the first user device, a second request for the multi-leg transaction, wherein the second request includes:(1) a fiat type, wherein the fiat type is the first type of fiat; (2) an amount of fiat of the first type, wherein the amount of the first type of fiat is a third amount; (3) a digital asset type, wherein the digital asset type is a second type of digital asset; and (4) a first leg of the multi-leg transaction, wherein the first leg indicates the multi-leg transaction is to exchange the third amount of the first type of fiat for an amount of the second type of digital asset; ([0050]; [0063], “Using information received over links 116, transformation engine 214 may initiate or perform various functions involving the exchange, storage, and retrieval of currencies and cryptocurrencies. For example, customer 102 may request a certain amount of funds in a particular customer account 203 in a first currency be exchanged for an approximately equivalent amount of funds in a second currency, such as a cryptocurrency. In response to the request, transformation engine 214 may directly execute the exchange or initiate various transactions to facilitate the execution of the exchange by utilizing various components of enterprise cryptocurrency environment 100 such as float accounts 204, conversion engine 216, calculation engine 224, and/or exchange engine 228.”)
(I) determining, by the exchange computer system, a first exchange rate corresponding to a first exchange of the first type of fiat for the second type of digital asset, wherein the first exchange rate is determined by performing the following steps: (1) obtaining, by the exchange computer system at a first predetermined time, first market data by: (a) generating, by the exchange computer system at the first predetermined time, a third request for first market data indicating a second exchange rate corresponding to a second exchange of the first type of fiat for a second type of fiat, wherein the second type of fiat is one type of fiat of the first plurality of types of fiat; (b) transmitting, by the exchange computer system to a first third-party exchange of the one or more third-party exchanges, the third request; and (c) receiving, by the exchange computer system from the first third- party exchange, the first market data comprising the second exchange rate, wherein the second exchange rate corresponds to a third exchange of the first type of fiat for the second type of fiat; (2) obtaining, by the exchange computer system at a second predetermined time, second market data from the one or more market databases, wherein the second market data includes a third exchange rate corresponding to a fourth exchange of the second type of fiat for the second type of digital asset; and (3) calculating, by the exchange computer system, the first exchange rate based at least on: (a) the second exchange rate; and (b) the third exchange rate; (J) determining, by the exchange computer system, a fourth amount of the second type of digital asset based on the third amount of the first type of fiat and the first exchange rate; ([0071] – [0072], “As a result, conversion engine 216 may retrieve data associated with the conversion. For example, conversion engine 216 may retrieve price data associated with the first currency and price data associated with the particular cryptocurrency. Conversion engine 216 may also retrieve price data associated with a plurality of cryptocurrencies, price data associated with a plurality of currencies, market data associated with a plurality of cryptocurrencies, market data associated with a plurality of currencies, volatility data associated with a plurality of cryptocurrencies, volatility data associated with a plurality of currencies, current currency exchange rate data, economic risk data, or any other data that may be suitable for a particular purpose. Conversion engine 216 may also determine whether the conversion is optimal. According to some embodiments, conversion engine 216 may do so based at least in part upon analyzing the data associated with the conversion. In such an embodiment, conversion engine 216 may consider time factors, price factors associated with particular currencies (such as the value of various currencies), price factors associated with particular cryptocurrencies (such as the value of various cryptocurrencies), volume of particular currencies, volume of particular cryptocurrencies, availability of particular currencies, availability of particular cryptocurrencies, popularity of particular currencies, popularity of particular cryptocurrencies, volatility of particular currencies, volatility of particular cryptocurrencies, economic risk factors, current currency exchange rates, or any other factors that may facilitate determining whether the conversion is optimal.”; [0075], “In certain embodiments, conversion engine 216 may perform multiple fiat currency conversions if conversion engine 216 determines the specific fiat currency is not optimal to exchange for the cryptocurrency and the cost of exchanging the specific fiat currency for the optimal fiat currency is less than exchange rate differences.”)
(K) generating, by the exchange computer system, third machine-readable instructions comprising one or more instructions to display a third GUI, wherein the third GUI includes: (1) the multi-leg transaction; (2) the third amount of the first type of fiat; (3) the first exchange rate; and (4) the fourth amount of the second type of digital asset; (L) transmitting, by the exchange computer system, the third machine-readable instructions such that the third GUI is displayed on the first user device; (M) receiving, by the exchange computer system from the first user device, a first order to exchange the third amount of the first type of fiat for the fourth amount of the second type of digital asset; (N) verifying, by the exchange computer system, the first order by verifying one or more of: (1) the third amount of the first type of fiat is less than or equal to the first amount of fiat; (2) the first customer is authorized to order the multi-leg transaction; (3) the fourth amount of the second type of digital asset is available to the digital asset exchange, wherein the availability of the fourth amount of the second type of digital asset is confirmed by accessing the one or more accounting databases; or (4) the digital signature; (O) allotting, by the exchange computer system, the third amount of the first type of fiat from the first customer fiat account to a digital asset exchange account associated with the digital asset exchange, wherein the first customer fiat account differs from the digital asset exchange account; (P) allotting, by the exchange computer system, the fourth amount of the second type of digital asset to the first customer digital asset account; (Q) executing, by the exchange computer system, the multi-leg transaction by updating: (1) the one or more transaction ledgers to indicate: (a) the third amount of the first type of fiat was withdrawn from first customer fiat account; and (b) the fourth amount of the second type of digital asset was deposited in the first customer digital asset account; and (2) the one or more customer account databases to indicate:(a) the third amount of the first type of fiat was withdrawn from first customer fiat account; and (b) the fourth amount of the second type of digital asset was deposited in the first customer digital asset account; and (R) assigning, by the exchange computer system, a first tag generated by the exchange computer system to the allotted third amount of first type of fiat, wherein the first tag indicates the third amount of the first type of fiat was received by the digital asset exchange as part of the multi-leg transaction, and wherein the first tag includes metadata specific to the multi-leg transaction. ([0050]; [0074], “After determining the quote, conversion engine 216 may communicate the quote to customer 102. Customer 102 may then confirm the exchange or deny the exchange.”; [0064], “Transformation engine 214 generally utilizes various float accounts 204 associated with an enterprise to execute exchanges involving cryptocurrency. For example, an enterprise may maintain repositories (e.g., float accounts 204) of currencies and cryptocurrencies allowing transformation engine 214 to exchange one currency for another currency, such as a fiat currency for a cryptocurrency, in an efficient manner with minimal delay. Float accounts 204 may be stored in memory 202. According to some embodiments, float accounts 204 may be stored in one or more text files, tables in a relational database, or any other suitable data structure capable of storing information.”; [0092], “Enterprise cryptocurrency server 130 may do this by using transformation engine 214 to associate the first amount of the first currency with the particular customer account 203, which may initiate a debit to the particular customer account 203 in the first amount (plus any fees and other costs) in the first currency. The first amount of the first currency may then be transferred to the first float account 204 associated with the first currency over network 120 via links 116.”; [0096], “In certain embodiments, enterprise cryptocurrency server 130 may use exchange engine 228 (in addition to transformation engine 214) to execute the exchange of a first currency in a customer account 203 for a cryptocurrency. Exchange engine 228 may be any software, hardware, firmware, or combination thereof capable of withdrawing or depositing currency or cryptocurrency. According to some embodiments, exchange engine 228 may be a set of instructions stored in memory 202 that may be executed by processor 201. Exchange engine 228 may facilitate the debit of an amount of a first currency requested to be exchanged. For example, transformation engine 214 may initiate the debit of a particular customer account 203 in a certain amount (e.g., a first amount) in a first currency by communicating a message to exchange engine 228. In response, exchange engine 228 may execute withdrawing the certain amount of the first currency from the particular customer account 203, thereby providing funds for the exchange to transformation engine 214. Exchange engine 228 may also facilitate the transfer of the second amount of the cryptocurrency to customer 102. For example, transformation engine 214 may initiate a deposit of a certain amount (e.g., a second amount) of a cryptocurrency in a particular customer account 203. In response, exchange engine 228 may execute depositing the certain amount of the cryptocurrency in the particular customer account 203, thereby providing customer 102 with the desired currency.”; [0099], “Aggregation engine 222 may then compare the user credentials included in the request against the user credentials contained in the particular customer account 203 to determine whether customer 102 authorized the request.”; [0129], “Transaction engine 220 may store or retrieve information about any transaction in transactions 208. Transactions 208 may be any information associated with any transaction associated with enterprise cryptocurrency server 130. In certain embodiments, transactions 208 may be stored in one or more text files, tables in a relational database, or any other suitable data structure capable of storing information.”)
Ronca does not explicitly teach, but Masters teaches:
a smart contract generated specific to a first multi-leg transaction, wherein a first request is associated with a first leg of the first multi-leg transaction; wherein a second request is associated with a second leg of the first multi-leg transaction as defined by the smart contract; ([0096]-[0099], “For example, as shown in FIG. 8, the offering validation module 812 of the server 810 may execute a smart contract 832 on the first blockchain 834. Executing the smart contract 832 may include configuring various contract terms, such as the quantity of tokens to be issued against the smart contract 832, where each token is backed by the value of the assets identified in the offering request, configuring one or more parameters of the smart contract, recording information associated with the asset provider (e.g., the asset provider's name, address, contact information, and the like), a copy of the offering request that was authorized for publication, and/or other parameters (e.g., benchmarks, etc.). The one or more parameters of the smart contract may include one or more parameters associated with when funds are to be provided to the asset provider in connection with the purchase of the tokens by the plurality of market participants 870; the amount of return to be provided to each market participant that purchases a quantity of the tokens issued in connection with the smart contract 832; a value of each token issued; one or more types of cryptocurrencies authorized for use in purchasing a portion of the issued tokens; one or more exchanges upon which transactions involving the smart contract are to be conducted (e.g., to purchase tokens, sell cryptocurrency used to purchase tokens, purchase cryptocurrency for distribution back to the market participants using the returns, and the like); whether cryptocurrency used by the plurality of market participants 870 to purchase tokens is to be sold (e.g., to obtain fiat currency that may be distributed to the asset provider), retained in a cryptowallet for the term of the smart contract (e.g., until the offering has completed), used to back obtaining of fiat currency from an alternative source based on the value of the received cryptocurrency (e.g., wherein the obtained fiat currency is provided to the asset provider), and/or other parameters.”)
One of ordinary skill in the art would have recognized that applying the known technique of Masters to the known invention of Ronca would have yielded predictable results and resulted in an improved invention. It would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate such smart contract features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the invention to utilize a smart contract generated specific to a first multi-leg transaction, wherein a first request is associated with a first leg of the first multi-leg transaction, wherein a second request is associated with a second leg of the first multi-leg transaction as defined by the smart contract, results in an improved invention because applying said technique ensures that the multi-leg transaction will be automatically executed instantly once the required conditions are met, thus improving the overall efficiency of the invention.
Ronca as modified does not explicitly teach, but Jones teaches:
user credentials comprising a digital signature based at least in part on a private key associated with a first user; a request for a transaction including a digital signature; (col 8 lines 23-28, “According to a further aspect of the embodiment, the payment request includes authentication information, which is used to authenticate the buyer. For example, the authentication information may be biometric information, a digital signature, a password, or any other information that can be used to authenticate the buyer.”)
One of ordinary skill in the art would have recognized that applying the known technique of Jones to the known invention of Ronca as modified would have yielded predictable results and resulted in an improved invention. It would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate such digital signature features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying user credentials, i.e. the first user credentials, and a transaction request, i.e. the second request for the multi-leg transaction, to include a digital signature results in an improved invention because applying said technique ensures that the first user can be securely authenticated, thus improving the overall security of the invention.
Ronca as modified does not explicitly teach, but Doney teaches:
a new digital asset type, wherein the new digital asset type is a second type of digital asset that represents a combination of digital asset types as defined by the combination instructions of a smart contract; ([0022], “The applicant provides a repeatable process to transform illiquid earning potential from a range of asset classes including: usage rights, physical and virtual assets, income streams, and talent into readily exchangeable shares of a securitized portfolio.”; [0043]-[0044], “In step 430 various assets are bundled into a single portfolio or multiple portfolios. Bundling can be accomplished in various known ways to achieve various results, such as levels of risk, levels of income, hedging, and the like. Once a portfolio of bundled assets has been created, an identity of the bundled assets is stored in a data structure in correspondence to the valuations of those assets.”; [0035], “Portfolio Managers 7, 11, and 12 use securitization to bundle income streams into a portfolio. This process may involve the decoupling the earning potential of an illiquid, irregular asset, assessing its risk adjusted net present value of the earning potential, binding all parties through smart contracts, and adding to a portfolio to distribute/mitigate risk, to incorporate new income producing assets 1, 2,3,4, 5, and 6 into respective income producing portfolios 8, 9, and 10.”)
One of ordinary skill in the art would have recognized that applying the known technique of Doney to the known invention of Ronca as modified would have yielded predictable results and resulted in an improved invention. It would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate such digital asset bundling features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the new digital asset type so it represents a combination of digital asset types as defined by the combination instructions of a smart contract results in an improved invention because applying said technique leverages the advantages of bundling assets, i.e. diversification, risk management, and cost efficiency, thus ensuring that the digital assets being exchanged have reduced exposure to volatility improving the overall usability of the invention.
As per claim 2, Ronca teaches:
(S) generating, by the exchange computer system at second predetermined time, a first transaction request to transfer the fourth amount of the second type of digital asset from an exchange public address associated with an underlying digital asset to a first user public address associated with the underlying digital asset, wherein the exchange public address is associated with the digital asset exchange, wherein the exchange public address corresponds to a first key pair comprising an exchange public key and a corresponding exchange private key, wherein the exchange private key is mathematically related to the exchange public key, wherein the first transaction request is digitally signed by the exchange private key, wherein the first user public address is associated with the first customer, wherein the first user public address corresponds to a second key pair comprising a first public key and a corresponding first private key, wherein the first private key is mathematically related to the first public key, and wherein the underlying digital asset is maintained on a distributed public transaction ledger maintained in the form of a blockchain by a plurality of geographically distributed computer systems in a peer-to-peer network; and (T) publishing, by the exchange computer system via the blockchain, the first transaction request. ([0086], “Transformation engine 214 may also associate the second amount of the cryptocurrency with a second float account 204 associated with the second currency (e.g., the cryptocurrency). For example, transformation engine 214 may withdraw (or otherwise debit) the second amount of the cryptocurrency from the second float account 204. Transformation engine 214 may then transfer the second amount of the cryptocurrency to customer 102. For example, transformation engine 214 may deposit (or otherwise credit) the second amount of the cryptocurrency in the particular customer account 203. In certain embodiments, transferring the second amount of the cryptocurrency may include initiating a deposit of the second amount of the cryptocurrency in the particular customer account 203.”; [0103], “For example, a float account 204 may include information such as an account number, cryptocurrency account balance (in one or more cryptocurrencies), routing information (e.g., a unique identifier, private key associated with a float account 204, public key associated with a float account 204, and/or any other suitable quantifiable information associated with depositing and/or withdrawing cryptocurrencies in a float account 204), location information, or any other information suitable for a particular purpose that an enterprise may have associated with a float account 204, such as a cryptocurrency account.”; [0115], “In certain embodiments, cryptocurrency information encoded onto a payment instrument may include information that can be used by enterprise cryptocurrency server 130 to execute a transaction involving cryptocurrency. For example, cryptocurrency information may include information such as an account number (e.g., a cryptocurrency address), account balance, customer public key, customer private key, location information, or any other information suitable for a particular purpose associated with one or more accounts that customer 102 may have associated with a particular enterprise. In some embodiments, encoding engine 218 may associate a payment instrument with one or more cryptocurrency addresses associated with a customer account 203 associated with the particular customer 102.”)
As per claim 3, Ronca teaches:
wherein the second predetermined time occurs at one or more of the following:(1) close of business; (2) when the third exchange rate is at a predetermined value; and (3) at the occurrence of an event; ([0072], “Conversion engine 216 may also determine whether the conversion is optimal. According to some embodiments, conversion engine 216 may do so based at least in part upon analyzing the data associated with the conversion. In such an embodiment, conversion engine 216 may consider time factors, price factors associated with particular currencies (such as the value of various currencies), price factors associated with particular cryptocurrencies (such as the value of various cryptocurrencies), volume of particular currencies, volume of particular cryptocurrencies, availability of particular currencies, availability of particular cryptocurrencies, popularity of particular currencies, popularity of particular cryptocurrencies, volatility of particular currencies, volatility of particular cryptocurrencies, economic risk factors, current currency exchange rates, or any other factors that may facilitate determining whether the conversion is optimal. For example, conversion engine 216 may determine that the conversion is optimal based on financial advantages that may be gained by the enterprise and/or customer 102. In this example, conversion engine 216 may consider financial factors such as currency exchange rates, transaction fees, and/or cryptocurrency prices to determine that the conversion will generate a financial advantage for the enterprise and/or customer 102.”)
As per claim 4, Ronca teaches:
wherein the event occurs when a plurality of multi-leg transactions associated with the second type of digital asset are ordered by at least one customer of the digital asset exchange; ([0076], “In some embodiments, determining whether the conversion is optimal is based at least in part upon a date threshold associated with the request and/or a benefit threshold associated with the request. For example, customer 102 may communicate a request for a cryptocurrency conversion that comprises a date threshold (e.g., a date for which the request for the cryptocurrency conversion expires) and a benefit threshold (e.g., a financial advantage, time advantage, etc.). As a result, conversion engine 216 may execute the cryptocurrency conversion if the conversion exceeds the benefit threshold before the date threshold. More specifically, if conversion engine 216 calculates the conversion at a first time before the date threshold and determines that the conversion is less than the benefit threshold, conversion engine 216 may calculate the conversion at a second time before the date threshold (e.g., any other time before the date threshold). If the conversion at the second time is greater than the benefit threshold, then conversion engine 216 may determine the conversion is optimal and thereby communicate a request to execute the exchange.”)
As per claim 5, Ronca teaches:
(S) generating, by the exchange computer system at a second predetermined time, a message to the first third-party exchange, wherein the message comprises: (1) a fourth request to exchange the third amount of the first type of fiat for a fifth amount of the second type of fiat that is based on the second exchange rate; and (2) the first market data; (T) transmitting, at a third predetermined time, by the exchange computer system to the third-party exchange, the message; and (U) receiving, by the digital asset exchange via the exchange computer system, the fifth amount of the second type of fiat; ([0075], “Conversion rules may also include any number of monitoring frequency rules that may weigh various factors to determine a monitoring frequency, such as whether a cryptocurrency has maintained a consistent value price for a particular amount of days, hours, minutes or whether there has been a large increase or decrease in the value of a cryptocurrency. For example, customer 102 may request that an exchange only be executed at a specific exchange rate. In certain embodiments, conversion engine 216 may perform multiple fiat currency conversions if conversion engine 216 determines the specific fiat currency is not optimal to exchange for the cryptocurrency and the cost of exchanging the specific fiat currency for the optimal fiat currency is less than exchange rate differences.”; [0085], “Calculation engine 224 may communicate the optimal exchange rate, the first amount, the second amount, and/or any other suitable information for a particular purpose to transformation engine 214. In response to receiving such information from calculation engine 224, transformation engine 214 may associate the first amount of the first currency with customer account 203. For example, transformation engine 214 may initiate a debit to the particular customer account 203 in the first amount (plus any fees and other costs) in the first currency. Transformation engine 214 may then transfer the first amount of the first currency into a first float account 204 associated with the first currency via links 116.”)
As per claim 6, Ronca teaches:
wherein the second predetermined time occurs at one or more of the following:(1) close of business; (2) when the third exchange rate is at a predetermined value; and (3) at the occurrence of an event; ([0072], “Conversion engine 216 may also determine whether the conversion is optimal. According to some embodiments, conversion engine 216 may do so based at least in part upon analyzing the data associated with the conversion. In such an embodiment, conversion engine 216 may consider time factors, price factors associated with particular currencies (such as the value of various currencies), price factors associated with particular cryptocurrencies (such as the value of various cryptocurrencies), volume of particular currencies, volume of particular cryptocurrencies, availability of particular currencies, availability of particular cryptocurrencies, popularity of particular currencies, popularity of particular cryptocurrencies, volatility of particular currencies, volatility of particular cryptocurrencies, economic risk factors, current currency exchange rates, or any other factors that may facilitate determining whether the conversion is optimal. For example, conversion engine 216 may determine that the conversion is optimal based on financial advantages that may be gained by the enterprise and/or customer 102. In this example, conversion engine 216 may consider financial factors such as currency exchange rates, transaction fees, and/or cryptocurrency prices to determine that the conversion will generate a financial advantage for the enterprise and/or customer 102.”)
As per claim 7, Ronca teaches:
wherein the event occurs when a plurality of multi-leg transactions associated with the second type of fiat are ordered by at least one customer of the digital asset exchange; ([0076], “In some embodiments, determining whether the conversion is optimal is based at least in part upon a date threshold associated with the request and/or a benefit threshold associated with the request. For example, customer 102 may communicate a request for a cryptocurrency conversion that comprises a date threshold (e.g., a date for which the request for the cryptocurrency conversion expires) and a benefit threshold (e.g., a financial advantage, time advantage, etc.). As a result, conversion engine 216 may execute the cryptocurrency conversion if the conversion exceeds the benefit threshold before the date threshold. More specifically, if conversion engine 216 calculates the conversion at a first time before the date threshold and determines that the conversion is less than the benefit threshold, conversion engine 216 may calculate the conversion at a second time before the date threshold (e.g., any other time before the date threshold). If the conversion at the second time is greater than the benefit threshold, then conversion engine 216 may determine the conversion is optimal and thereby communicate a request to execute the exchange.”)
As per claims 8-20, Ronca teaches:
wherein the first type of digital asset is Bitcoin, Ether, Litecoin, Bitcoin cash, zcash, a digital asset token, Gemini dollar; and wherein the first type of fiat is United States Dollar, Euro, Russian Ruble, Rwandan Franc, Seychellois Rupee; wherein the second type of fiat is one of United States Dollar, Euro, British Pound, Yen; ([0041], “In general, an enterprise may offer a variety of financial services that may utilize cryptocurrency. For example, currency exchanges are used by customers, such as customers of financial institutions, to exchange one currency for another currency. Some currency exchanges may involve converting one currency into a cryptocurrency such as Bitcoin, Litecoin, Ripple, Peercoin, or Dogecoin.”; [0062], “Generally, transformation engine 214 may initiate the execution of transactions that facilitate an exchange of one currency for another currency, such as an exchange of a fiat currency for a cryptocurrency.”)
Applicant attempts to further limit the method by describing characteristics of the business rules. However, this is representative of non-functional descriptive material as the type of digital asset/fiat does not result in a functional relationship with the method and therefore cannot be used to differentiate Applicant's invention from the prior art invention. See MPEP 2111.05; In re Gulack, 217 USPQ 401 (Fed. Cir. 1983) (“When descriptive material is not functionally related to the substrate, the descriptive material will not distinguish the invention from the prior art in terms of patentability.”). Specifically, the claimed invention, i.e. the method of exchanging fiat currency for a digital asset in a multi-leg transaction, is carried out the same way regardless of the type of digital asset/fiat: there is no evidence that the type of digital asset/fiat changes the efficiency or the accuracy or any other characteristic of the method of exchanging fiat currency for a digital asset in a multi-leg transaction. See Ex Parte Nehls, 88 USPQ2d 1883 (BPAI 2008) (“Here, the descriptive material (SEQ ID NOs) recited in the claims is not functional material like the data structures in Lowry. There is no evidence that SEQ ID NOs 9-1008 functionally affect the process of comparing a target sequence to a database by changing the efficiency or accuracy or any other characteristic of the comparison. Rather, the SEQ ID NOs are merely information being manipulated by a computer; the SEQ ID NOs are inputs used by a computer program that calculates the degree of similarity between a target sequence and each of the sequences in a database. The specific SEQ ID NOs recited in the claims do not affect how the method of the prior art is performed – the method is carried out the same way regardless of which specific sequences are included in the database (emphasis added).”)
As per claim 21, Ronca teaches:
wherein the first leg of the multi-leg transaction is received by the exchange computer system over an established connection between the exchange computer system and the first user device, and wherein the established connection is a channel. ([0052], “In some embodiments, components of enterprise cryptocurrency environment 100 may be configured to communicate over links 116. Communication over links 116 may request and/or send information about any suitable component of enterprise cryptocurrency environment 100. Links 116 may connect components of enterprise cryptocurrency environment 100 to network 120 or to each other. This disclosure contemplates any suitable links 116. In particular embodiments, one or more links 116 include one or more wireline (such as for example Digital Subscriber Line (DSL) or Data Over Cable Service Interface Specification (DOCSIS)), wireless (such as for example Wi-Fi or Worldwide Interoperability for Microwave Access (WiMAX)), or optical (such as for example Synchronous Optical Network (SONET) or Synchronous Digital Hierarchy (SDH)) links. In particular embodiments, one or more links 116 each include an ad hoc network, an intranet, an extranet, a VPN, a LAN, a WLAN, a WAN, a WWAN, a MAN, a portion of the Internet, a portion of the PSTN, a cellular technology-based network, a satellite communications technology-based network, another link 116, or a combination of two or more such links 116.”)
As per claim 22, Ronca teaches:
wherein the first GUI is displayed at a first time and the first user credentials are received at a second time; (see rejection of claim 1)
Jones teaches:
wherein verifying the first user credentials comprises determining that the first time and the second time are within a predetermined duration; (col 10 lines 32-37, “Also, through prompting the user for the PIN before authorization expires, there is a buffer period for reentry of the PIN (i.e., reauthorization). Therefore, if the user is in a hurry when the request for reauthorization is made, the buffer period allows the user to wait until a more convenient time to reenter the PIN.”)
Conclusion
The prior art made of record and not relied upon is considered pertinent to applicant's disclosure:
United States Patent Application Publication No. 20150170112 to DeCastro discloses an invention that relates to systems, devices, and methods for conducting financial transactions, digital asset exchanges, and multi-currency interoperability on a private network of member subscribers in communication with other commercial banking and finance networks and services, where the system includes a specially adapted currency storage and conversion card apparatus, the card further comprising means for executing said transactions and exchanges using one or two or more currencies, where at least one of said currencies in preferred embodiments is a virtual digital currency hosted on said private network and combining features of both decentralized and centrally-regulated cryptocurrency systems; as well as a host of hardware and software means for integrating all of the above advantageously in various contingencies and circumstances.
Any inquiry concerning this communication or earlier communications from the examiner should be directed to JAY HUANG whose telephone number is (408)918-9799. The examiner can normally be reached 9:00a - 5:30p PT.
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/JAY HUANG/Primary Examiner, Art Unit 3619