America Federal Reserve has sent a cease-and-desist letter to crypto media publication Bitcoin Magazine, accusing it of trademark violations, in response to a Nov. 3 submit from the publication. Bitcoin Magazine claims it is being focused as a result of of its use of the phrase “FedNow” on “t-shirts, hats, and different wearables.” FedNow is the trademarked title of the Federal Reserve’s prompt cost system.
The U.S. Federal Reserve is threatening to sue Bitcoin Magazine, alleging attire that parodies its FedNow system isn’t protected speech, however copyright infringement.@markgoodw_in with Bitcoin Magazine’s response:https://t.co/PYmeZHBYWO
— Bitcoin Magazine (@BitcoinMagazine) November 3, 2023
Bitcoin Magazine carries some merchandise in its retailer that options the phrase “FedNow” printed on it, however with the “O” within the phrase having been changed with a picture of a watch.
Based on the submit, the Fed claimed these things “mislead readers into believing a connection exists between the publication and the central financial institution.”
In response, Bitcoin Magazine’s authorized staff despatched a letter to the Federal Reserve denying the allegation. The merchandise is “undeniably parodic in nature,” the letter said, as it was created “for the aim of parody and political criticism directed on the Federal Reserve.”
As proof, the letter pointed to the picture of a watch discovered within the designs, which it known as a “surveillance eye.” In a separate open letter referenced within the submit, Bitcoin Magazine referred to the attention as an “all-seeing eye that symbolizes the state of complete monetary surveillance that [the Federal Reserve] is in search of to impose on the American monetary system.”
The time period “all-seeing eye,” or the “Eye of Windfall,” refers to an emblem present in Jacopo Pontormo’s 1525 portray, Supper at Emmaus, and later featured on the again facet of a U.S. one-dollar invoice.
In its submit, Bitcoin Magazine said that it wouldn’t cease printing or promoting its “FedNow” line of merchandise, as it believes the objects represent protected free speech beneath the First Modification.
FedNow is an interbank cost system launched by the Federal Reserve in July. It permits banks and cash transmitter providers to make funds immediately, with no need to depend on the automated clearing home (ACH) system used up to now. Bitcoin Magazine has closely criticized FedNow in its articles and movies, claiming that it is a “rip-off” that permits the federal government to “maintain controlling you, your online business, and everybody else’s.”
Associated: FedNow showcases DLT-powered payments system as service provider
FedNow has additionally been criticized by U.S. presidential candidates Ron Desantis and Robert Kennedy, Jr. They declare it’s paving the best way for a future central financial institution digital forex, which they are saying will violate Individuals’ privateness. The Federal Reserve has denied that its service has anything to do with a CBDC.
