Bitcoin Magazine Staring Down Lawsuit From Federal Reserve• November 3, 2023 12:57 pm • Comments
Bitcoin Magazine has been sued by the Federal Reserve System over a T-shirt line produced by the company.
The satirical T-shirts poke fun at the Federal Reserve’s proposed FedNow service, but the Fed claims that the shirts represent a trademark infringement.
Critics of the lawsuit claim that this is simply a way for the Federal Reserve to silence criticism of its highly controversial FedNow service and the broader push for CBDCs.
In America, satirical content is protected under the First Amendment, though it remains to be seen if the Federal Reserve will get its way. Here’s what everyone is saying:
Threatens to sue Bitcoin Magazine for their satirical "FEDNOW" merchandise, which incorporates a panopticon eye into the logo design.
— Dylan LeClair 🟠 (@DylanLeClair_) November 3, 2023
This is hilarious. There is no way in hell anyone is going to see a “Fednow: cease and desist” t-shirt on the street and accidentally get confused with a bank RTGS which literally no consumer will ever have direct access to https://t.co/M5bvgjHJM3
— Preston Byrne (@prestonjbyrne) November 3, 2023
According to Crypto Slate:
Bitcoin Magazine, in its defense, argues that its use of ‘FEDNOW’ is parodic and a form of political criticism directed at the Federal Reserve.
In a reply letter dated Nov. 2, 2023, the magazine’s legal counsel, Zachary Shapiro, asserts that the design in question is a commentary on the “digital panopticon” symbolized by the Federal Reserve’s ‘FedNow’ platform, which enables 24/7 digital surveillance of transactions.
The Federal Reserve suing Bitcoin Magazine for satire over FedNow is just another attempt to waste tax payer dollars during a recession.
FedNow is an attempt for further control over the USA monetary system and loss of liberties for the underdogs pic.twitter.com/aGy73leFxr
— Wendy O (@CryptoWendyO) November 3, 2023
JUST IN: Federal Reserve threatens to sue Bitcoin Magazine over merchandise that parodies its FedNow system saying its not protected speech, but rather an unauthorized infringement of its image and trademarks – Bitcoin Magazine
THEN THEY FIGHT YOU STAGE!! pic.twitter.com/rGDUiRm42t
— Simply Bitcoin (@SimplyBitcoinTV) November 3, 2023
In an open letter penned to the Federal Reserve Financial Services’s Deputy General Counsel, Bitcoin Magazine’s editor-in-chief, Mark Goodwin, expressed gratitude for the inquiry while asserting the publication’s refusal to comply with the cease-and-desist request.
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