Bitcoin magazine accused Fed of infringing the trademark for T-shirts

The United States Federal Reserve has sent a cease-and-desist letter to crypto media publication Bitcoin Magazine, accusing it of trademark infringement, according to a post published on November 3. Bitcoin Magazine claims it is being targeted for using the word “FedNow” on “t-shirts, hats and other wearables”. FedNow is the trademarked name of the Federal Reserve's Instant Payment System.

The US Federal Reserve is threatening to sue Bitcoin Magazine for banning the FedNow system not for speech but for copyright infringement.@markgoodw_in with Bitcoin Magazine's response: https://t.co/PYmeZHBYWO

— Bitcoin Magazine (@BitcoinMagazine) November 3, 2023

Bitcoin Magazine carries some merchandise in its store with the word “FedNow” printed on it, but with the “O” in the word replaced by a picture of an eye.

According to the article, the Fed said these items “mislead readers into thinking there is a connection between the publication and the central bank.”

In response, Bitcoin Magazine's legal team sent a letter to the Federal Reserve denying the charges. The merchandise is “undeniably parodic in nature,” the letter says, created as a “parody and political critique of the Federal Reserve.”

As evidence, the letter pointed to the image of an eye found in his designs, which he called a “watching eye.” In a separate open letter cited in the post, Bitcoin Magazine refers to the Eye as the “all-seeing eye” of total financial surveillance. [the Federal Reserve] He is looking to impose on the American financial system,” he said.

The term “all-seeing eye” or “eye of providence” refers to the symbol that appears in Jacopo Pontormo's 1525 painting, The Supper at Emmaus, and later on the back of the US one-dollar bill.

In the post, Bitcoin Magazine stated that it will not stop publishing or selling the “FedNow” product line, because it believes that the products are free speech protected under the First Amendment.

FedNow is an interbank payment system launched by the Federal Reserve in July. It allows banks and money transfer services to make payments instantly without having to rely on the automatic clearing house (ACH) system used in the past. Bitcoin Magazine has slammed the Fed in articles and videos, calling it a “scam” that allows the government to control you, your business, and everyone else.

Related: FedNow Introduces DLT-Powered Payment System as a Service Provider

FedNow has been criticized by US presidential candidates Ron DeSantis and Robert Kennedy Jr., who say it is paving the way for a future central bank digital currency that they say will violate Americans' privacy. The Federal Reserve Service has denied any involvement with CBCC.