The U.S. Federal Reserve Takes Legal Action Against bitcoin Magazine

The U.S. Federal Reserve is facing criticism and legal action from bitcoin Magazine over its recently launched FedNow interbank clearing and settlement service. The central bank of the United States claims that bitcoin Magazine’s merchandise, which parodies the FedNow service, is an unauthorized infringement of its image and trademarks.

The Dispute over FedNow Service Parody Merchandise

bitcoin Magazine’s line of merchandise sold on their online store aims to criticize the surveillance capabilities of the FedNow system and its impact on American civil liberties. The central bank alleges that bitcoin Magazine used the FedNow Service image and trademark without permission, misleading readers into believing there is a connection between the publication and the Federal Reserve.

bitcoin Magazine Responds to the Allegations

In response to the allegations, bitcoin Magazine wrote an open letter to the Federal Reserve Financial Services’ Deputy General Counsel, Thaddeus Murphy. The letter acknowledges the inquiry and offers to send merchandise to any of the 12 Federal Reserve Banks. It also discusses the damages inflicted by Federal Reserve policies on the economy and the country.

bitcoin Magazine firmly refuses to comply with the cease-and-desist request, emphasizing their refusal to be intimidated by attempts to silence criticism. They argue that as a publication deeply troubled by the FedNow system, it is their First Amendment right to exercise speech and sell merchandise that raises awareness about the threat to civil liberties.

Rebutting the Federal Reserve’s Claims

The open letter contains direct comments addressing quotes from the Federal Reserve’s cease-and-desist letter. bitcoin Magazine challenges the notion of substantial goodwill built by the Federal Reserve, pointing out the negative consequences of their policies on the working class and the economy as a whole.

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Regarding the allegation of causing confusion, mistakes, or deception, bitcoin Magazine stresses that their use of the FedNow mark is a form of social commentary and parody protected by the First Amendment. They argue that their readership is aware of their stance and would never associate them with the Federal Reserve.

Defending First Amendment Rights

bitcoin Magazine states its commitment to defending its First Amendment rights and educating Americans about the differences between the decentralized financial system of bitcoin and the centralized FedNow system. The letter concludes with the signature of Mark Goodwin, Editor in Chief of bitcoin Magazine.

Access the Cease and Desist Letter and Legal Response

For the complete text of the Federal Reserve’s cease and desist letter and bitcoin Magazine’s legal response, you can access the PDF versions above.

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By Team