The United States Federal Reserve has filed a lawsuit against Bitcoin Magazine to stifle criticism of its recently introduced FedNow interbank clearing and settlement service.
The Federal Reserve Bank of Chicago, the nation’s central bank, claims in a letter to the publisher that items in Bitcoin Magazine that mock its services are not protected speech but rather an unapproved infringement on its trademarks and reputation.
The issue focuses on the FedNow Service image and trademark being used in a line of items that Bitcoin Magazine sells, which criticizes the FedNow system’s surveillance capabilities and how they endanger civil liberties in the United States.
According to the Federal Reserve, Bitcoin Magazine misled readers into thinking there was a relationship between the journal and the central bank by using the trademark without authorization.
Bitcoin Magazine has written an open letter to Thaddeus Murphy, the Deputy General Counsel of the Federal Reserve Financial Services, in reaction to the allegations, saying, “On behalf of the entire team at Bitcoin Magazine, I wanted to take the time to thank you for your thoughtful inquiry after having browsed our online store. Doing your Christmas shopping early, you love to see it!”
The letter added, “Let us know if we can send a box of merchandise to any of the 12 Federal Reserve Banks. You might enjoy our content from the latest print Bitcoin Magazine, which discusses the damages your policies have done to our economy – and our country.”
Also Read: Federal Reserve Pushes for Secure Stablecoin Regulation
