- The United States Federal Reserve has sent a cease-and-desist letter to crypto media publication Bitcoin Magazine, accusing it of trademark violations.
- Bitcoin Magazine claims it is being targeted because of its use of the word “FedNow” on t-shirts, hats, and other wearables.
- Bitcoin Magazine carries merchandise in its store that features the word “FedNow” printed on it, but with the “O” in the word replaced with an image of an eye.
- The Fed claims these items mislead readers into believing a connection exists between the publication and the central bank.
- Bitcoin Magazine’s legal team sent a letter to the Federal Reserve denying the allegation, stating that the merchandise is undeniably parodic in nature and created for the purpose of parody and political criticism directed at the Federal Reserve.
- 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, allowing instant payments without relying on the automated clearing house 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 people and businesses.
- FedNow has also been criticized by U.S. presidential candidates Ron DeSantis and Robert Kennedy Jr., who claim it is paving the way for a future central bank digital currency that will violate Americans’ privacy.
- The Federal Reserve denies that its service has anything to do with a CBDC (central bank digital currency).
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