Context:
- The United States Patent and Trademark Office (USPTO) yesterday announced that petitioners now have the ability to submit a “Search Disclosure Declaration” (SSD) to receive a favorable discretionary factor toward institution (November 18, 2025 ip fray article). The mechanism is completely voluntary, and so those who do not provide them will not be at a disadvantage, but seek to help the USPTO improve its own searches during examination.
- Earlier this month, the 12th Annual IP Dealmakers Forum U.S. took place in Austin, Texas (October 16, 2025 ip fray article). In the first article on this event, ip fray reported on the concerns that several in-house IP professionals shared about the use of AI in IP practices (November 7, 2025 ip fray article). “With great power comes great danger,” insitro’s IP head Feng Zhou said at the time.
What’s new: During the opening address on day one of the official event, USPTO Director John A. Squires compared the patent office to the U.S. Department of Commerce’s “central bank of innovation”. He reminded the audience of the saying “every patent begins its life as a trade secret” (which he said during his confirmation hearing: September 22, 2025 remarks), noting that he’d like to refine it to “every patent begins its life as a trade”.
Direct impact: By looking at things from the trade perspective, the USPTO encourages deals over litigation, Mr. Squires went on to say. And, in the best trades, the deals to be made occur when both sides have reliable information. The better the disclosure, the better the trade, the director said.
Wider ramifications: To help ensure that this “trade” continues to happen efficiently, Mr. Squires also discussed the USPTO’s new AI tool, launched last month and named “Artificial Intelligence Search Automated Pilot Program”, or “ASAP!” (AI tool page). “We are so excited about it,” he added. Mr. Squires also praised Dealmakers Forums for its role in the IP events market and noted that he was one of the organization’s first-ever advisors.
“We’re embarking on a slightly re-imagined journey as Commerce’s central bank of the nation,” Mr. Squires said as he opened the 12th Annual IP Dealmakers Forum U.S. on November 8, 2025.
“Because,” he explained, “every piece of IP we put into circulation is a potential new job or new business, competitive advantage, and investible asset. And every issuance is a form of soft-dollar company – with purpose.”
While central banks merely regulate currency, the USPTO director believes his office provides an infusion of innovation liquidity with the rising tide of every piece of IP it issues.
“We are inventing the currency of tomorrow’s economy,” he added.
But what does the USPTO mint as a so-called “bank”? He asked himself.
Mr. Squires reminded the audience of the saying “every patent begins its life as a trade secret”, which he famously said during his confirmation hearing in September.
“But I’d like to refine it slightly,” he said, smiling, “to: every patent begins its life as a trade.”
The constitutional bargain in IP, Mr. Squires explained, is the degree to which the inventor chooses to disclose their invention for exclusivity. The USPTO advocates for potential counter parties to trade, not adversaries in contested litigation, which means that the office’s examiners are “nothing short of chief negotiators” on behalf of the U.S, he said.
And, he noted, in the best trades, the deals to be made occur when both sides have reliable information. The better the disclosure, the better the trade.
To conclude, Mr. Squires said:
“Let’s do deals, let’s make trades, let’s advance society and let’s let that rising tide lift all economic boats.”