Reserve

United

Bitcoin

<div class="sg-post-des">
 Crypto publication Bitcoin Magazine claims it has been threatened with legal action over “FedNow” t-shirts, hats, and other items.
</div>
<div class="cointelegraph">
 The United States Federal Reserve has sent a cease-and-desist letter to crypto media publication Bitcoin Magazine, accusing it of <a rel="noopener noreferrer nofollow" title="trademark" href="https://thebittimes.com/tag/trademark.html">trademark</a> violations, according to a Nov. 3 post from the publication. Bitcoin Magazine <a rel="noopener noreferrer nofollow" title="claims" href="https://thebittimes.com/tag/claims.html">claims</a> it is being targeted because of its use of the word “FedNow” on “<a rel="noopener noreferrer nofollow" title="t-shirts" href="https://thebittimes.com/tag/t-shirts.html">t-shirts</a>, hats, and other wearables.” FedNow is the <a rel="noopener noreferrer nofollow" title="trademark" href="https://thebittimes.com/tag/trademark.html">trademark</a>ed name of the Federal Reserve’s instant payment system.
 <blockquote class="twitter-tweet">
 The U.S. Federal Reserve is threatening to sue Bitcoin Magazine, alleging apparel that parodies its FedNow system is not protected speech, but copyright infringement.@markgoodw_in with Bitcoin Magazine’s response:https://t.co/PYmeZHBYWO— Bitcoin Magazine (@BitcoinMagazine) November 3, 2023
 </blockquote>
 Bitcoin Magazine carries some merchandise in its store that features the word “FedNow” printed on it, but with the “O” in the word having been replaced with an image of an eye.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/04/779d25854b9b535e8dfdc37bbad41143.webp">
 <figcaption style="text-align: center;">Bitcoin Magazine FedNow T-shirt. Source: Bitcoin Magazine.
 </figcaption>
 </figure>
 According to the post, the Fed <a rel="noopener noreferrer nofollow" title="claim" href="https://thebittimes.com/tag/claim.html">claim</a>ed these items “mislead readers into believing a connection exists between the publication and the central bank.”
 In response, Bitcoin Magazine’s legal team sent a letter to the Federal Reserve denying the allegation. The merchandise is “undeniably parodic in nature,” the letter stated, as it was created “for the purpose of parody and political criticism directed at the Federal Reserve.”&nbsp;
 As evidence for this, the letter pointed to the image of an eye found in the designs, which it referred to as a “surveillance eye.” In a separate open letter referenced in the post, Bitcoin Magazine referred to the eye as an “all-seeing eye that symbolizes the state of total financial surveillance that [the Federal Reserve] is seeking to impose on the American financial system.”
 The term “all-seeing eye” or "Eye of Providence" refers to a symbol found in Jacopo Pontormo’s 1525 painting, Supper at Emmaus, and later featured on the back side of a U.S. 1-dollar bill.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/04/e28d4e61853fd6f25d2d021bd129b01b.webp" alt="" title="">
 <figcaption style="text-align: center;">Eye of Providence on the back of a U.S. 1-dollar bill. Source: Wikipedia.
 </figcaption>
 </figure>
 In its post, Bitcoin Magazine stated that it would not stop printing or selling its “FedNow” line of merchandise, as it believes the items constitute protected free speech under the First Amendment.
 FedNow is an interbank payment system launched by the Federal Reserve in July. It allows banks and money transmitter services to make payments instantly, without needing to rely on the automated clearing house (ACH) system used in the past. Bitcoin Magazine has heavily criticized FedNow in its articles and videos, claiming that it is a “scam” that allows the government to “keep controlling you, your business, and everyone else’s.”
 Related: FedNow showcases DLT-powered payments system as service provider
 FedNow has also been criticized by presidential candidates Ron Desantis and Robert Kennedy, Jr. They <a rel="noopener noreferrer nofollow" title="claim" href="https://thebittimes.com/tag/claim.html">claim</a> it's paving the way for a future central bank digital currency (CBDC), which they say will violate the privacy of Americans. The Federal Reserve has denied that its service has anything to do with a CBDC.
 <template data-name="subscription_form" data-type="defi_newsletter"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-magazine-claims-fed-accused-it-of-trademark-violation-for-t-shirts-tbt69004.html">https://thebittimes.com/bitcoin-magazine-claims-fed-accused-it-of-trademark-violation-for-t-shirts-tbt69004.html</a>

Bitcoin Magazine claims Fed accused it of trademark violation for t-shirts

TheBitTimes

Other articles published on Nov 3, 2023

The Role of Cryptocurrencies in Financial Inclusion

FED Member Does Not Expect More Interest Rate Increases!

SBF Fails Outrunning Justice, Found Guilty of Defrauding Customers

NEAR Token Price Skyrockets by 11%

HBAR Price Analysis: Shakeout For HBAR Buyers With Pullback!

SPACE ID 3.0 Unveils ID Token Staking and Game-Changing Upgrades for Its Permissionless Name Serv...

Join our free newsletter for daily crypto updates!