Nov 04, 2023

Fed Accuses Bitcoin Magazine of Trademark Violation for T-shirts

Bitcoin Magazine Accused of Trademark Violations by Federal Reserve The United States Federal Reserve has issued a cease-and-desist letter to Bitcoin Magazine, accusing the crypto media publication of trademark violations, according to a Nov. 3 post from the publication. Bitcoin Magazine claims it is being targeted because of its use of the word “FedNow” on…

Bitcoin Magazine accused of trademark violation for T-shirts by the Federal Reserve.
Bitcoin Magazine claims Fed accused it of trademark violation for T-shirts

Bitcoin Magazine Accused of Trademark Violations by Federal Reserve

The United States Federal Reserve has issued a cease-and-desist letter to Bitcoin Magazine, accusing the crypto media publication of trademark violations, according to a Nov. 3 post from the publication. Bitcoin Magazine claims it is being targeted because of its use of the word “FedNow” on “t-shirts, hats, and other wearables.” FedNow is the trademarked name of the Federal Reserve’s instant payment system.

Bitcoin Magazine carries some merchandise in its store that features the word “FedNow” printed on it, but with the “O” in the word having been replaced with an image of an eye. According to the post, the Fed alleged that these items “mislead readers into believing a connection exists between the publication and the central bank.”

In response, Bitcoin Magazine’s legal team sent a letter to the Federal Reserve denying the allegation. The merchandise is “undeniably parodic in nature,” the letter stated, as it was created “for the purpose of parody and political criticism directed at the Federal Reserve.”

Using Web 3.0 Crypto to Fight Back

The use of Web 3.0 crypto coins and social media platforms such as Skale and Velo, as well as YouTube videos and AI generated articles, have been used by Bitcoin Magazine to fight back against the Federal Reserve’s accusations. By using these platforms, Bitcoin Magazine has been able to spread awareness of the issue and garner support from the crypto community.

Bitcoin Magazine has also been able to use the power of the Web 3.0 crypto community to educate people about the issue and to spread the message that the merchandise was created for the purpose of parody and political criticism. This has enabled Bitcoin Magazine to build a strong case against the Federal Reserve’s claims.

The Federal Reserve’s cease-and-desist letter to Bitcoin Magazine serves as a reminder that the power of Web 3.0 crypto coins and the social media platforms they enable should not be underestimated. Bitcoin Magazine has shown that by utilizing these tools, it is possible to fight back against even the most powerful institutions.

What is Web 3.0 Crypto?

As evidence, the letter pointed to the image of an eye found in the designs, which it referred to as a “surveillance eye.” In a separate open letter referenced in the post, Bitcoin Magazine referred to the eye as an “all-seeing eye that symbolizes the state of total financial surveillance that [the Federal Reserve] is seeking to impose on the American financial system.”

The term “all-seeing eye,” or the “Eye of Providence,” refers to a symbol found in Jacopo Pontormo’s 1525 painting, Supper at Emmaus, and later featured on the back side of a U.S. one-dollar bill.

In its post, Bitcoin Magazine stated that it would not stop printing or selling its “FedNow” line of merchandise, as it believes the items constitute protected free speech under the First Amendment.

FedNow is an interbank payment system launched by the Federal Reserve in July. It allows banks and money transmitter services to make payments instantly, without needing to rely on the automated clearing house (ACH) system used in the past. Bitcoin Magazine has heavily criticized FedNow in its AI generated articles, YouTube crypto videos, and Skale crypto posts, claiming that it is a “scam” that allows the government to “keep controlling you, your business, and everyone else’s.”

The ADA Crypto Today

As evidence, the letter pointed to the image of an eye found in the designs, which it referred to as a “surveillance eye.” In a separate open letter referenced in the post, Bitcoin Magazine referred to the eye as an “all-seeing eye that symbolizes the state of total financial surveillance that [the Federal Reserve] is seeking to impose on the American financial system.”

The term “all-seeing eye,” or the “Eye of Providence,” refers to a symbol found in Jacopo Pontormo’s 1525 painting, Supper at Emmaus, and later featured on the back side of a U.S. one-dollar bill.

In its post, Bitcoin Magazine stated that it would not stop printing or selling its “FedNow” line of merchandise, as it believes the items constitute protected free speech under the First Amendment.

FedNow is an interbank payment system launched by the Federal Reserve in July. It allows banks and money transmitter services to make payments instantly, without needing to rely on the automated clearing house (ACH) system used in the past. Bitcoin Magazine has heavily criticized FedNow in its REQ crypto posts, VELO crypto videos, and ADA crypto today articles, claiming that it is a “scam” that allows the government to “keep controlling you, your business, and everyone else’s.”

Ron Desantis and Robert Kennedy, Jr. have voiced their criticism of FedNow, claiming that it will lead to a central bank digital currency (CBDC) which will infringe upon Americans’ privacy. The Federal Reserve has refuted these claims, asserting that its service has nothing to do with a CBDC.

However, with the development of web 3.0 crypto coins like velo crypto, ada crypto, req crypto, skale crypto, and youtube crypto, and the emergence of AI generated articles and AI articles, it appears that a CBDC could be in the works. Web 3.0 social media is also another potential avenue for a CBDC, and this has caused further concern for privacy advocates.
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