Dispute Emerges Over Official Use of Trump’s Name in Crypto Wallet
World Liberty Financial (WLFI), the crypto platform tied to U.S. President Donald Trump and his family, has issued a cease-and-desist letter over a planned wallet project that used the Trump brand without authorization.
According to a June 5 report, WLFI sent the letter to Fight Fight Fight LLC, the entity behind GetTrumpMemes.com and the controversial TRUMP memecoin. The warning came after both the memecoin team and Magic Eden, a popular NFT marketplace, announced a waitlist for a Trump-branded crypto wallet.
Trump Organization Denies Involvement
On June 3, Donald Trump Jr. publicly stated that the Trump Organization had “zero involvement” with the wallet project, emphasizing that WLFI was planning to launch its own official $TRUMP wallet soon. He further reiterated his position as a Web3 ambassador for the official Trump-backed crypto initiative.
The website TrumpWallet.com, which previously offered sign-ups for the waitlist, went offline following news of the cease-and-desist. However, posts on social media from Magic Eden and GetTrumpMemes regarding the wallet launch remained active at the time of writing.
Legal, Political, and Financial Scrutiny Grows
WLFI, which has raised over $550 million through two token sales as of March, is already under scrutiny. Its USD1 stablecoin, launched in May, is reportedly linked to a $2 billion settlement deal with Binance involving an Abu Dhabi-based firm.
The Trump family holds equity in WLFI and profits indirectly from transaction fees, raising ethical questions from both lawmakers and crypto industry stakeholders.
Political Ramifications in Congress
Democrats in the U.S. Congress have voiced concern that President Trump may be leveraging his political power to benefit his crypto ventures. This controversy could impact ongoing legislative efforts.
The House and Senate are currently evaluating digital asset market structure bills and stablecoin regulations, both of which may be delayed due to the political fallout.
Tensions Could Impact Crypto Legislation
The cease-and-desist is the latest flashpoint in Trump’s increasingly complex involvement in crypto. As WLFI continues expanding its footprint, lawmakers and regulators may be forced to re-evaluate how public officials interact with digital assets and related financial products.