Accusation of Trademark Violations
The United States Federal Reserve has issued a cease-and-desist letter to Bitcoin Magazine, a popular crypto media publication, claiming trademark violations. The publication has been accused of using the trademarked name "FedNow" on its merchandise, including t-shirts and hats.
Claim of Misleading Readers
Bitcoin Magazine features merchandise in its store that displays the word "FedNow," with the letter "O" replaced by an image of an eye. The Federal Reserve argues that these items mislead readers into thinking there is a connection between the publication and the central bank.
Bitcoin Magazine's Response
In response to the accusation, Bitcoin Magazine's legal team denies any wrongdoing. They argue that the merchandise is a form of parody and political criticism directed at the Federal Reserve. The publication's lawyers point to the image of an eye, which they say symbolizes the state of financial surveillance imposed by the central bank.
Protected Free Speech
Bitcoin Magazine asserts that its "FedNow" merchandise is protected under the First Amendment as free speech. As a result, the publication has no plans to cease printing or selling the items.
FedNow and Criticism
FedNow is an instant payment system launched by the Federal Reserve in July. Bitcoin Magazine has been highly critical of FedNow, labeling it a "scam" that enables government control over individuals and businesses. Presidential candidates Ron Desantis and Robert Kennedy, Jr. have also criticized the system, claiming it could pave the way for a future central bank digital currency (CBDC) that violates Americans' privacy. The Federal Reserve has denied any plans for a CBDC.
