By: Eva Baxter
Bitcoin Magazine, a renowned cryptocurrency-focused publication, is allegedly facing legal action from the United States Federal Reserve over supposed trademark infringements. The core issue lies in the use of the term 'FedNow' on the magazine's merchandise, including t-shirts and hats, which is a trademarked name owned by the Federal Reserve for their instantaneous payment platform.
A cease-and-desist letter was issued to the magazine, with the Federal Reserve maintaining that the former's use of 'FedNow' could possibly mislead consumers into assuming a connection between the magazine and the central banking system. Bitcoin Magazine, on the other hand, counters that the merchandise is inherently parodic, devised to encourage parody and political critique pointed at the Federal Reserve. It highlighted an image of an eye printed along with the term, symbolizing the total financial oversight that the Federal Reserve aims to enforce on the American financial structure.
Defending its actions, Bitcoin Magazine refuses to halt the production or selling off its 'FedNow' merchandise line, asserting that it's in complete accordance with First Amendment protected speech. The magazine has consistently been critical of the FedNow system in various articles and videos, referring to it as a scheme that enables continuous governmental control over businesses and individuals. This development signifies the existing tension domiciling within the traditional financial infrastructures and the budding cryptocurrency industry.
© BlockBriefly. All Rights Reserved.