H&R Block Tax Firm Filed A Complaint Against Dorsey’s Block

The H&R Block tax firm filed a complaint against Block of previously known as Square for infringing on the company’s logo and brand name so let’s read more in today’s blockchain news.

Following Square’s rebranding this month to Block, most in the crypto industry joked that it was only a matter of time before the complaints started pouring in. The first lawsuit finally arrived in the form of a filing by the H&R Block Tax firm. The President and CEO Jeff Jonas said:

“Today’s filing is an important effort to prevent consumer confusion and ensure a competitor cannot leverage the reputation and trust we have built over more than six decades.”

The lawsuit was filed in the US District Court for the Western District of Missouri and indicates that the two companies’ logos and names are similar and that the clients will confuse the two. Rather than creating its own brand equity, the complaint reads that block is taking a shortcut and wants to capitalize on the well-known block moniker. The tax firm added that there are plenty of indicators that suggest that consumers are indeed confusing the two brands.

Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y

— Block (@blocks) December 1, 2021

Square, the payments company changed its name to Block and suggested a new focus on all things blockchain-related. Jack Dorsey who stepped down from his role at Twitter this month is now the CEO of Block and at the time of the rebrand, the firm’s stock price dropped by 6%. Though H&R Block hasn’t shown a lot of interest in crypto or blockchain, Block showed interest in the tax-prep area. Cash App as a service under the Block Umbrella announced a $50 million-dollar acquisition of Credit Karma’s tax division while the Cash App allows users to buy and sell cryptos like BTC. H&R Block said they are now under attack by a Silicon Valley fintech company.

As recently reported, The app owned by Digital Payments company Block previously known as Square, joined other services like Stockpile, Coinbase, PayPal to allow the users to gift stocks and crypto to third parties but Cash App noted that this is the first time these features were offered in a peer to peer payments app. Block noted that the Cash app uses can also split the bills and repay their friends by sending them stocks or BTC and not just cash. The reprots previously show that Cash App generated $1.82 billion in BTC revenue and $42 million in BTC gross profit during the third quarter of 2021 as both increased 11% and 29% year-on-year.