The cryptocurrency magazine Bitcoin Magazine reports that it has received threats of legal action regarding “FedNow” t-shirts, hats, and other merchandise
According to a post from Bitcoin Magazine on November 3, the US Federal Reserve has accused the publication of trademark violations and sent it a cease-and-desist letter. According to Bitcoin Magazine, the company is under attack because it uses the term “FedNow” on “t-shirts, hats, and other wearables.” The Federal Reserve’s instant payment system is branded as FedNow.
Some items in the store of Bitcoin Magazine have the word “FedNow” printed on them, but the letter “O” has been swapped out for an image of an eye. The Fed said these items “mislead readers into believing a connection exists between the publication and the central bank,” according to the post.
The legal team for Bitcoin Magazine responded by writing to the Federal Reserve to refute the accusation. The letter claimed that because the merchandise was made “for the purpose of parody and political criticism directed at the Federal Reserve,” it is “undeniably parodic in nature.”
The letter used the depiction of an eye—dubbed a “surveillance eye”—found in the designs as proof. The eye was described as a “all-seeing eye that symbolises the state of total financial surveillance that [the Federal Reserve] is seeking to impose on [people]” by Bitcoin Magazine in a different open letter that was mentioned in the post.
The symbol known as the “all-seeing eye,” or the “Eye of Providence,” was first depicted on the reverse of a U.S. one-dollar bill and was first seen in Jacopo Pontormo’s painting Supper at Emmaus in 1525.
Bitcoin Magazine wrote in a post that it would not discontinue producing or marketing its line of “FedNow” products because it feels that they are First Amendment-protected free speech.
The Federal Reserve introduced FedNow, an interbank payment system, in July. Payments can now be made instantly between banks and money transmitter services, negating the need for the previous automated clearing house (ACH) system.
FedNow has drawn harsh criticism from Bitcoin Magazine in its articles and videos, with the publication calling it a “scam” that enables the government to “keep controlling you, your business, and everyone else’s.”
Robert Kennedy Jr. and Ron Desantis, two contenders for the US presidency, have also criticised FedNow. They argue that it’s setting the stage for the eventual digital currency of a central bank, which will infringe upon Americans’ right to privacy. The Federal Reserve has refuted the notion that a CBDC is related to its services.