Well, things just got spicy in the Trump-branded crypto world! World Liberty Financial (WLFI), the crypto venture tied to Donald Trump and his family, has sent a cease-and-desist letter to Fight Fight Fight LLC, the company behind the newly announced "official Trump wallet." The move comes after the firm unveiled its plans for the wallet in partnership with Magic Eden, with promotional posts and a sign-up page already live earlier this week.
But wait, Donald Trump Jr., the Web3 ambassador for WLFI, publicly distanced himself from the project on June 3, stating that neither WLFI nor the Trump Organization was involved. He made it clear that any official Trump-branded wallet would come directly from WLFI. Oops.
The Growing Tensions in Trump’s Web3 Ventures
The branding war between various Web3 initiatives tied to the Trump name has gotten messier. WLFI, which is behind initiatives like the USD1 stablecoin, is making moves to solidify its place in the crypto world with perks like private dinners for top $TRUMP token holders. But not everyone is on the same page.
Lawmakers have been watching closely, especially since Trump’s involvement in crypto could fuel the ongoing debate around political conflicts of interest, particularly around legislation for stablecoins, tokens, and decentralized finance.
As of June 5, the website TrumpWallet.com had been taken down, but Magic Eden and the memecoin team were still promoting the project on social media. WLFI hasn't yet issued an official statement on any legal actions or the cease-and-desist letter.
Looks like the Trump family’s crypto ventures just got even more complicated. Stay tuned!
Andrew Madison
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
