US Federal Reserve Threatens to Sue Bitcoin Magazine Over Trademark Violations
The United States Federal Reserve has sent a cease-and-desist letter to crypto media publication Bitcoin Magazine, accusing it of trademark violations. The issue revolves around Bitcoin Magazine’s use of the word “FedNow” on merchandise such as t-shirts and hats. FedNow is the trademarked name of the Federal Reserve’s instant payment system.
Parody or Misleading?
Bitcoin Magazine’s merchandise features the word “FedNow” with an image of an eye replacing the letter “O.” The Federal Reserve claims that these items mislead readers into believing there is a connection between the publication and the central bank. However, Bitcoin Magazine argues that the merchandise is parodic and serves as political criticism directed at the Federal Reserve.
All-Seeing Eye Symbolism
Bitcoin Magazine’s legal team points to the image of an eye found in the designs as evidence of their parody. They refer to it as a “surveillance eye” and describe it as symbolizing the state of total financial surveillance that the Federal Reserve seeks to impose. This eye imagery references the “all-seeing eye” symbol found in Jacopo Pontormo’s painting from 1525, Supper at Emmaus, and later featured on the back of a U.S. one-dollar bill.
Protected Free Speech?
In response to the cease-and-desist letter, Bitcoin Magazine asserts that its “FedNow” merchandise constitutes protected free speech under the First Amendment. The publication maintains that it will continue printing and selling these items despite the Federal Reserve’s claims.
Criticism of FedNow
FedNow, launched by the Federal Reserve in July, is an interbank payment system enabling instant payments without relying on the automated clearing house system. Bitcoin Magazine has heavily criticized FedNow, labeling it a “scam” that allows the government to maintain control over businesses and individuals. U.S. presidential candidates Ron DeSantis and Robert Kennedy Jr. have also expressed concerns about FedNow, claiming it paves the way for a future central bank digital currency that would violate Americans’ privacy. The Federal Reserve denies any connection between FedNow and a CBDC.
Hot Take: Bitcoin Magazine Stands Firm in Face of Legal Threats
Bitcoin Magazine refuses to back down despite the Federal Reserve’s cease-and-desist letter. The publication argues that its “FedNow” merchandise is protected free speech, serving as a form of parody and political criticism directed at the central bank. The use of an eye symbol in the designs is seen as a representation of the surveillance state imposed by the Federal Reserve. Bitcoin Magazine’s stance highlights the ongoing tension between traditional financial institutions and the crypto community, as well as the importance of freedom of expression in this evolving landscape.
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