The Federal Reserve is said to have threatened to sue Bitcoin Magazine over copyright infringement. The infringement relates to parody merch sold by the Bitcoin Magazine related to the Federal Reserve’s FedNow system for interbank clearing and settlements.
The legal threat comes from the Federal Reserve Bank of Chicago, who claims that the parodies are not protected speech and are instead simple copyright infringement. The organization alleges that the parody will cause “confusion, mistakes or deception,” and that consumers are likely to believe that the merchandise is “associated with, affiliated with, or endorsed by the Federal Reserve.”
Bitcoin Magazine’s lawyer meanwhile responded that the merchandise is “undeniably parody in nature,” and that the constant critique of the Federal Reserve and its FedNow system by the magazine makes it “far-fetched” that consumers would be confused.
The parodied images meanwhile, as described by Bitcoin Magazine’s lawyers, consist of the FEDNOW name with a surveillance eye in the “O”, and contains the tagline of “The digital panopticon is here.”
The magazine itself meanwhile followed up the response by announcing the claims made by the Federal Reserve, while providing a snarky response to the claims made.
“For starters, what goodwill has the Federal Reserve built up? Have you seen the state of the working class today? Perhaps you have already forgotten how Fed policy directly led to mismanaged bond portfolios in regional banks across the country, such as Silicon Valley Bank, Signature, Silvergate or First Republic? Perhaps you have already forgotten about the historic inflation rates seen throughout the U.S. since government-imposed lockdowns all but forced the Treasury’s hand to stimulate the economy to the tune of trillions of dollars?”
The magazine closes the letter by stating that it looks forward to defending its first amendment rights, and the “decentralized financial system that is Bitcoin, and the centralized FedNow system that threatens our nation’s founding values.”
Information for this briefing was found via Bitcoin Magazine and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
