Bitcoin Magazine Clashes With Federal Reserve Over Satirical ‘Fednow’ Merchandise

According to Bitcoin Magazine, a media outlet devoted to bitcoin information launched in 2012, representatives, together with authorized counsel, from the U.S. Federal Reserve have expressed issues relating to the publication’s satirical Fednow merchandise. The Fed’s representatives assert that the parodied gadgets, which bear the identify, infringe upon its Fednow picture and logos.

Federal Reserve Challenges Bitcoin Magazine’s Parody Merchandise in Trademark Dispute

On Friday, November 3, 2023, Mark Goodwin, the editor-in-chief (EIC) of Bitcoin Magazine, published a story claiming that representatives from the U.S. Federal Reserve had threatened the publication with authorized motion. “The Federal Reserve alleges that Bitcoin Magazine used the trademark without permission to mislead readers into believing a connection exists between the publication and the central bank,” Goodwin particulars.

The parodied gadgets in query encompass nine Fednow items, together with T-shirts, long-sleeves, sweatshirts, and hats that includes the identify. The letter “O” in Fednow incorporates an eye-like image inside it, alluding to a vigilant monetary eye.

​​Bitcoin Magazine refutes the allegations and has composed an open letter addressed to the deputy normal counsel of the Fed’s Financial Services division. In the letter, the publication informs the consultant that the Fed may discover curiosity in its newest print publication, which “discusses the damages your policies have done to our economy – and our country.” Regarding the request to cease and desist, the EIC clarifies that Bitcoin Magazine won’t comply.

“We will not be intimidated by your efforts to silence criticism,” Goodwin explains.

The publication stresses that the corporate’s group and its readers have been profoundly unsettled by the latest introduction of the Fednow interbank communication system. The EIC particulars that Bitcoin Magazine believes the Fed consultant’s assertions are inaccurate. The agency emphasizes that it’s actively exercising its First Amendment privileges for social commentary and satire.

“I’m sure you’ll notice the all-seeing eye that symbolizes the state of total financial surveillance that your agency is seeking to impose on the American financial system,” Goodwin’s letter states. The EIC provides:

With that in thoughts, we consider it’s properly inside our First Amendment rights to train speech on the problem, and to that finish, we will probably be defending our proper to promote merchandise that makes consumers conscious, by honest use imagery, our place that this method is a menace to civil liberties.

To handle this concern, the Fed is requesting that Bitcoin Magazine promptly and completely discontinue its utilization of the Fednow mark, in addition to some other marks, names, or designations resembling the Fednow trademark. This contains however will not be restricted to, any utility on clothes gadgets or merchandise provided on the market, whether or not in non-public or public settings. The authorized counsel member requests that Bitcoin Magazine chorus from any future use of the Fednow mark.

What do you consider the open letter Bitcoin Magazine despatched to the deputy normal counsel of the Fed’s Financial Services division? Share your ideas and opinions about this topic within the feedback part under.