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:

According to Crypto Slate:

Bitcoin Magazine, in its defense, argues that its use of ‚ÄėFEDNOW‚Äô is parodic and a form of political criticism directed at the Federal Reserve.

In a reply letter dated Nov. 2, 2023, the magazine‚Äôs legal counsel, Zachary Shapiro, asserts that the design in question is a commentary on the ‚Äúdigital panopticon‚ÄĚ symbolized by the Federal Reserve‚Äôs ‚ÄėFedNow‚Äô platform, which enables 24/7 digital surveillance of transactions.

Bitcoinist reports:

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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