2023-11-04 13:36:14
In an open letter, Bitcoin Magazine got into a dispute with the American central bank, the FED. Below you can see the chat between the two parties, in which the pro-Bitcoin news site vehemently rejects the Fed’s accusations. The controversy was sparked by the US central bank’s claim that products sold by Bitcoin Magazine (sweaters, caps, etc.) that parody the central bank’s FedNow service are not a sign of free speech, but an unauthorized use of the central bank’s image and trademarks violation. The mentioned merch, which Bitcoin Magazine recently started selling in its webshop, depicts the letter “o” of FedNow as an eye, which symbolizes the central bank’s desire to see, know and control everything, violating privacy. FEDNOW products from Bitcoin Magazine’s webshop The Federal Reserve alleges that Bitcoin Magazine used the trademark without permission to mislead readers into believing there was a connection between the paper and the central bank. Bitcoin Magazine has made it clear that they never intended to even remotely appear to have any connection between the central bank and their own platform, and doubt that anyone familiar with the magazine’s policy would assume so. In response to the allegations, Bitcoin Magazine wrote an open letter to Federal Reserve Financial Services Deputy General Counsel Thaddeus Murphy. The Hungarian version of the letter: “Dear Thaddeus Murphy, On behalf of the entire Bitcoin Magazine team, I wanted to take the time to thank you for your thoughtful interest following viewing our online store. Good to see you start your Christmas shopping in time! If you like something, let us know and we’ll be happy to send a box of our products to any of the 12 Federal Reserve Banks. You might enjoy the content of our latest print Bitcoin magazine, which discusses the damage your policies are doing to our economy – and our country. Please feel free to send us your wish list and I will make sure to send it to you. We would like to take part in the “revitalization” of the economy! Now let’s get to the point. We would like to inform you that although we have received your request, we are not willing to comply with your request. We will not be intimidated by their efforts to silence criticism. As you probably know, our publication and our readers are deeply concerned regarding the new FedNow interbank communication system. Not only do we think it is likely unconstitutional, but we also think it threatens the liberties that all freedom-loving American citizens should respect. With that in mind, we believe we have a First Amendment right to express an opinion on the issue, and to that end we will defend our right to sell merchandise that uses fair visuals to make customers aware that this system threatens civil liberties. I would like to make a few direct comments regarding your accusations in your letter to express as best I can what you will surely find a disappointing response: “The Federal Reserve has used and promoted the FEDNOW mark extensively and has built a significant reputation for this invaluable asset. Financial institutions and consumers associate the FEDNOW brand with the Federal Reserve and its services.” An interesting point. First, what kind of reputation has the Federal Reserve built? Have you seen the situation of the working class today? Have you forgotten that the Fed’s policies directly led to mismanaged bond portfolios at regional banks across the country such as Silicon Valley Bank, Signature, Silvergate, and First Republic? Have you forgotten the historic inflation rates you’ve seen across the United States since the government shutdowns nearly forced the Treasury Department to provide trillions of dollars in stimulus? No reputation, Mr. Murphy. And certainly no significant fame either. “The Federal Reserve recently became aware that Bitcoin Magazine is selling t-shirts, hats and other wearables with the name FEDNOW, as shown in the screenshot below. Bitcoin Magazine’s use of the FEDNOW trademark in this manner is likely to cause confusion, error or deception. Consumers are likely to believe that the equipment is associated with, affiliated with, or sponsored by the Federal Reserve, when no such relationship or connection exists.” This is wrong. Bitcoin Magazine is exercising its First Amendment rights to social expression and parody. I’m sure you’ll notice the all-seeing eye symbolizing the state of total financial surveillance your office wants to impose on the American financial system. We do not believe that anyone familiar with our editorial policies and our general stance on the state of the world would ever associate Bitcoin Magazine with the Federal Reserve Bank. We agree with your statement that “no such association or relationship exists”. It is not in our interest to cause confusion, error or deception. This sounds more like the work of those responsible for telling the market they would not raise interest rates following a massive monetary expansion and then raising them faster than at any time in US financial history. We look forward to defending our First Amendment rights and to the opportunity to make clear to all Americans the difference between an open, free and decentralized financial system: Bitcoin, and the centralized FedNow system that threatens our nation’s founding values. All the best, Mark Goodwin”
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