According to Cointelegraph, the United States Federal Reserve has sent a cease-and-desist letter to crypto media publication Bitcoin Magazine, accusing it of trademark violations. The publication claims it is being targeted because of its use of the word “FedNow” on merchandise such as t-shirts, hats, and other wearables. FedNow is the trademarked name of the Federal Reserve’s instant payment system.
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. The Fed claimed 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, stating that the merchandise is “undeniably parodic in nature” and was created “for the purpose of parody and political criticism directed at the Federal Reserve.”
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, allowing 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.”
