US Federal Reserve Accuses Bitcoin Magazine of Trademark Violation over 'FedNow' Merchandise
Summary:
The US Federal Reserve has accused Bitcoin Magazine of trademark violation over use of term "FedNow" on its merchandise, claiming it may mislead consumers into assuming an association with the central bank. The magazine rejected the accusation, asserting the merchandise is meant as a parody and critique of the Federal Reserve. Despite threats of legal action, the magazine vowed to continue production and sales of its "FedNow" range, arguing it falls under First Amendment free speech protections.
The US Federal Reserve has issued a stern warning to cryptocurrency news outlet Bitcoin Magazine, accusing the publication of breaking trademark laws, as uncovered in a November 3rd post by the publication itself. The magazine alleges it's being targeted due to its use of the term "FedNow" on various merchandise, including t-shirts and hats, which is the legally registered name of the Federal Reserve's real-time payment system. The Federal Reserve has threatened legal action against the publication, claiming the clothing line that satirizes its FedNow system doesn't count as free speech, but rather an infringement of copyrights.
Bitcoin Magazine sells an array of merchandise featuring the contentious term "FedNow", where the letter 'O' has been creatively replaced with an image of an eye. The Federal Reserve argues that such items mislead consumers into presuming an association between the news outlet and the central banking institution. Bitcoin Magazine's legal team has promptly responded with a letter rejecting these accusations, suggesting their products are unmistakably intended as a parody, crafted specifically to satirize and criticize the Federal Reserve. Their argument is strengthened by the emblem of an eye featured in the designs, which they associate with surveillance. They explained in a publicly available letter that the eye symbol represents the all-pervasive financial surveillance that the Federal Reserve is allegedly trying to establish within the American financial framework. The portrayal of an "all-seeing eye", also known as the "Eye of Providence", is symbolically observed in Jacopo Pontormo’s 1525 masterpiece, Supper at Emmaus, and appears on the reverse side of a US 1-dollar bill.
According to the post, Bitcoin Magazine has resolved not to halt production or sale of its "FedNow" merchandise range, relying on the belief that these items are safeguarded by free speech rights under the First Amendment. FedNow, launched by the Federal Reserve in July, is an interbank payment system enabling banks and money transfer firms to carry out instant payments, bypassing the dependence on the earlier automated clearing house (ACH) system. Bitcoin Magazine has consistently derided FedNow in its content, labeling it a "scam" that empowers the government to continue exercising control over businesses and the general populace. FedNow has also drawn the ire of presidential contenders Ron Desantis and Robert Kennedy, Jr., who suggest that it is a stepping stone towards the future introduction of a central bank digital currency (CBDC), which they argue could compromise Americans' privacy. The Federal Reserve has rebuffed these allegations, firmly stating that its service is unrelated to any CBDC.
Published At
11/3/2023 6:17:02 PM
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