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News

Bitcoin Magazine IP Infringement Faces Allegations from Federal Reserve

November 3, 2023 - Around 2 mins mins to read

Key Points:

  • The Federal Reserve has sent a cease and desist letter to Bitcoin Magazine, alleging Bitcoin Magazine IP Infringement using the term “FEDNOW” on its merchandise.
  • Bitcoin Magazine is defending its use of the term, arguing that it is a form of parody and political criticism protected by the First Amendment.
  • This ongoing dispute illustrates the tensions between traditional financial institutions and the emerging cryptocurrency sector.
Bitcoin Magazine IP infringement faces allegations from Federal Reserve over use of “FEDNOW” trademark on merchandise.
Bitcoin Magazine IP infringement faces allegations from Federal Reserve over use of "FEDNOW" trademark on merchandise.

Bitcoin Magazine IP Infringement Alleged Defies Federal Reserve Cease and Desist Letter

The Federal Reserve Bank of Chicago recently issued a formal request to Bitcoin Magazine, asking it to stop using the standalone term “FEDNOW” on its merchandise, citing trademark infringement. Bitcoin Magazine IP infringement is alleged in a cease and desist letter from Federal Reserve, alleging unauthorized use of the trademarked term IP – ‘FEDNOW’.

The Federal Reserve, concerned about potential consumer confusion and misrepresentation, pointed out that the ‘FEDNOW’ mark is used to facilitate electronic fund transfers among financial institutions and is under their rightful ownership. This term was first used in commerce in August 2019 and registered as a service mark in May 2023.

Bitcoin Magazine Defends Use of ‘FEDNOW’ Trademark, Citing First Amendment Rights

However, Bitcoin Magazine has defended its use of ‘FEDNOW’, arguing that it’s a form of political criticism aimed at the Federal Reserve. Their legal representative claimed that their use of the term is a commentary on the “digital panopticon” symbolized by the Federal Reserve’s ‘FedNow’ platform, which allows 24/7 digital transaction surveillance.

In an open letter to the Federal Reserve, Mark Goodwin, the Editor in Chief of Bitcoin Magazine, emphasized the magazine’s commitment to critiquing the FedNow system and upheld the importance of First Amendment rights. This ongoing dispute highlights the tension between traditional financial institutions and the burgeoning cryptocurrency sector, with significant implications for financial systems, privacy, and freedom of speech.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

Bitcoin Magazine IP Infringement Faces Allegations from Federal Reserve

Key Points:

  • The Federal Reserve has sent a cease and desist letter to Bitcoin Magazine, alleging Bitcoin Magazine IP Infringement using the term “FEDNOW” on its merchandise.
  • Bitcoin Magazine is defending its use of the term, arguing that it is a form of parody and political criticism protected by the First Amendment.
  • This ongoing dispute illustrates the tensions between traditional financial institutions and the emerging cryptocurrency sector.
Bitcoin Magazine IP infringement faces allegations from Federal Reserve over use of “FEDNOW” trademark on merchandise.
Bitcoin Magazine IP infringement faces allegations from Federal Reserve over use of "FEDNOW" trademark on merchandise.

Bitcoin Magazine IP Infringement Alleged Defies Federal Reserve Cease and Desist Letter

The Federal Reserve Bank of Chicago recently issued a formal request to Bitcoin Magazine, asking it to stop using the standalone term “FEDNOW” on its merchandise, citing trademark infringement. Bitcoin Magazine IP infringement is alleged in a cease and desist letter from Federal Reserve, alleging unauthorized use of the trademarked term IP – ‘FEDNOW’.

The Federal Reserve, concerned about potential consumer confusion and misrepresentation, pointed out that the ‘FEDNOW’ mark is used to facilitate electronic fund transfers among financial institutions and is under their rightful ownership. This term was first used in commerce in August 2019 and registered as a service mark in May 2023.

Bitcoin Magazine Defends Use of ‘FEDNOW’ Trademark, Citing First Amendment Rights

However, Bitcoin Magazine has defended its use of ‘FEDNOW’, arguing that it’s a form of political criticism aimed at the Federal Reserve. Their legal representative claimed that their use of the term is a commentary on the “digital panopticon” symbolized by the Federal Reserve’s ‘FedNow’ platform, which allows 24/7 digital transaction surveillance.

In an open letter to the Federal Reserve, Mark Goodwin, the Editor in Chief of Bitcoin Magazine, emphasized the magazine’s commitment to critiquing the FedNow system and upheld the importance of First Amendment rights. This ongoing dispute highlights the tension between traditional financial institutions and the burgeoning cryptocurrency sector, with significant implications for financial systems, privacy, and freedom of speech.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.