According to Bitcoin Magazine, a media outlet dedicated to bitcoin news launched in 2012, representatives, including legal counsel, from the U.S. Federal Reserve have expressed concerns regarding the publication’s satirical Fednow merchandise. The Fed’s representatives assert that the parodied items, which bear the name, infringe upon its Fednow image and trademarks.
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 legal action. “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 details.
The parodied items in question encompass nine Fednow items, including T-shirts, long-sleeves, sweatshirts, and hats featuring the name. The letter “O” in Fednow incorporates an eye-like symbol within it, alluding to a vigilant financial eye.
Bitcoin Magazine refutes the allegations and has composed an open letter addressed to the deputy general counsel of the Fed’s Financial Services division. In the letter, the publication informs the representative that the Fed might find interest in its latest print publication, which “discusses the damages your policies have done to our economy – and our country.” Regarding the request to stop and desist, the EIC clarifies that Bitcoin Magazine will not comply.
“We will not be intimidated by your efforts to silence criticism,” Goodwin explains.
The publication stresses that the company’s team and its readers have been profoundly unsettled by the recent introduction of the Fednow interbank communication system. The EIC details that Bitcoin Magazine believes the Fed representative’s assertions are inaccurate. The firm emphasizes that it is 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 adds:
With that in mind, we believe it is well within our First Amendment rights to exercise speech on the issue, and to that end, we will be defending our right to sell merchandise that makes buyers aware, through fair use imagery, our position that this system is a threat to civil liberties.
To address this issue, the Fed is requesting that Bitcoin Magazine promptly and permanently discontinue its utilization of the Fednow mark, as well as any other marks, names, or designations resembling the Fednow trademark. This includes but is not limited to, any application on clothing items or merchandise offered for sale, whether in private or public settings. The legal counsel member requests that Bitcoin Magazine refrain from any future use of the Fednow mark.
What do you think about the open letter Bitcoin Magazine sent to the deputy general counsel of the Fed’s Financial Services division? Share your thoughts and opinions about this subject in the comments section below.
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