Bitcoin Magazine faces allegations of trademark infringement from the Federal Reserve over its use of ‘FedNow’ on its merchandise. The magazine claims it is a form of political criticism and free speech.
Bitcoin Magazine, a leading source of news and commentary on Bitcoin and the cryptocurrency industry, has received a cease-and-desist letter from the Federal Reserve Bank of Chicago, demanding that it stop using the term ‘FedNow’ on its merchandise.
The Federal Reserve claims that the term is a registered service mark that belongs to them and that the magazine’s use of it could cause confusion and misrepresentation among consumers.
FedNow is the name of the Federal Reserve’s instant payment system that launched in July 2023 to enable faster and more convenient digital transactions among banks and other financial institutions.
The system is expected to compete with existing payment platforms such as PayPal, Venmo, and Zelle, as well as cryptocurrencies like Bitcoin.
However, Bitcoin Magazine has been a vocal critic of FedNow, arguing that it is a threat to financial privacy and freedom.
The magazine has published several articles and videos that expose the potential dangers of FedNow, such as transaction censorship, surveillance, and inflation.
The magazine also sells merchandise that features the word ‘FedNow’ with an eye symbol in place of the letter ‘O’, implying a state of total financial surveillance.
Bitcoin Magazine has refused to comply with the Federal Reserve’s request, stating that its use of ‘FedNow’ is a form of parody and political criticism protected by the First Amendment.
The magazine’s legal team has sent a letter to the Federal Reserve, denying any trademark infringement and asserting that its merchandise is “undeniably parodic in nature” and created “for the purpose of parody and political criticism directed at the Federal Reserve.”
In addition, the magazine’s editor-in-chief, Mark Goodwin, has published an open letter to the Federal Reserve, expressing his defiance and explaining the magazine’s stance.
He wrote:
“We would like to inform you that while we received your cease-and-desist request, we refuse to comply. We will not be intimidated by your efforts to silence criticism. As you may know, our publication and our readership are deeply troubled by the new FedNow interbanking communication system.”
This ongoing dispute between Bitcoin Magazine and the Federal Reserve highlights the tension and conflict between the traditional financial system and the emerging cryptocurrency sector, with significant implications for the future of money, privacy, and freedom of speech.
