1 year ago
The Federal Reserve Bank of Chicago has issued a cease and desist missive to Bitcoin Magazine, alleging it to person utilized a trademarked word IP — ‘FEDNOW’ — without its consent.
According to the letter published connected Oct. 27, 2023, the Federal Reserve confronted Bitcoin Magazine regarding its merchandise bearing the ‘FEDNOW’ mark, which they assertion is apt to origin disorder and deception among consumers. The Fed believes radical whitethorn misinterpret these items arsenic being affiliated with oregon endorsed by the Federal Reserve.
The Federal Reserve, arsenic per the trademark registration, owns each rights to the ‘FEDNOW’ work mark, which it uses to facilitate the physics transportation of funds among fiscal institutions. Notably, the ‘FEDNOW’ people was archetypal utilized successful commerce successful Aug. 2019 and officially registered arsenic a work people successful May 2023.
Bitcoin Magazine, successful its defense, argues that its usage of ‘FEDNOW’ is parodic and a signifier of governmental disapproval directed astatine the Federal Reserve. In a reply letter dated Nov. 2, 2023, the magazine’s ineligible counsel, Zachary Shapiro, asserts that the plan successful question is simply a commentary connected the “digital panopticon” symbolized by the Federal Reserve’s ‘FedNow’ platform, which enables 24/7 integer surveillance of transactions.
Shapiro wrote that fixed Bitcoin Magazine’s accordant critique of centralized fiscal entities, including the Federal Reserve, “any assertion of user disorder concerning an endorsement oregon affiliation betwixt its merchandise and the Federal Reserve seems alternatively far-fetched.” He besides highlighted the perilous intersection of trademark instrumentality and escaped speech, suggesting that the Federal Reserve’s effort to soundlessness governmental critique raises concerns astir First Amendment rights.
Mark Goodwin, the Editor successful Chief of Bitcoin Magazine, has besides issued an unfastened missive to the Federal Reserve, asserting that the mag refuses to comply with the cease-and-desist petition and volition not beryllium silenced. Goodwin emphasizes that Bitcoin Magazine is simply exercising its First Amendment rights to societal commentary and parody and is committed to defending its close to merchantability merchandise that critiques the FedNow system.
Clearly, this unfolding quality presents different lawsuit of the hostility betwixt accepted fiscal institutions and the emerging cryptocurrency industry. It remains to beryllium seen however this ineligible face-off volition reason and what implications it mightiness person for the broader sermon connected fiscal systems, privacy, and the First Amendment.
The station Federal Reserve issues cease and desist missive to Bitcoin Magazine alleging IP infringement appeared archetypal connected CryptoSlate.
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