World Liberty Financial (WLFI), the cryptocurrency venture associated with President Donald Trump and members of his family, has taken action against the creators of a newly announced Trump-branded crypto wallet. According to Bloomberg News, a cease-and-desist letter was issued to Fight Fight Fight LLC, the company behind the Official TRUMP memecoin and website GetTrumpMemes.com.
The letter was sent in response to the unveiling of plans for an “official Trump wallet” in partnership with Magic Eden. Promotional posts and a sign-up page were launched to build a waitlist for the product. However, Donald Trump Jr., a Web3 ambassador for WLFI, publicly disavowed the project on June 3. Both him and Eric Trump made statements clarifying that WLFI and the Trump Organization were not involved in the wallet and that any official release would come directly from WLFI.
The unauthorized use of Trump’s name and image has brought attention to the growing tensions between parallel Web3 initiatives tied to the Trump brand, some officially sanctioned and others not. WLFI, which oversees projects like the USD1 stablecoin and offers perks to $TRUMP token holders, is working to solidify its presence in the space ahead of upcoming product launches.
Lawmakers have raised concerns about the overlap between Trump’s political role and his expanding involvement in the cryptocurrency sector. They caution that the commercialization of the presidency through digital assets could further politicize efforts to regulate stablecoins, tokens, and decentralized finance.
As of June 5, the domain TrumpWallet.com, previously used to promote the wallet, had been taken offline. Despite this, social media posts from Magic Eden and the memecoin team promoting the project remained active at the time of press.
The contents of the cease-and-desist letter have not been disclosed, and WLFI has not released an official statement regarding potential legal action.
In conclusion, the clash over the Trump-branded crypto wallet underscores the complexities of navigating the intersection between politics and the cryptocurrency industry. As developments continue to unfold, it will be crucial to monitor how these issues are addressed and resolved.