World Liberty Financial Issues Cease-and-Desist Over Unauthorized Trump Wallet

Date: June 5, 2023

World Liberty Financial (WLFI), the cryptocurrency venture associated with former President Donald Trump and his family members, has taken significant legal action against the creators of a purported Trump-branded cryptocurrency wallet. According to Bloomberg News, WLFI has issued a cease-and-desist letter to Fight Fight Fight LLC, the developers behind the "Official TRUMP memecoin" and the website GetTrumpMemes.com.

Unwanted Association

The letter follows the company’s announcement of plans to launch an “official Trump wallet” in partnership with Magic Eden. Promotional efforts, including social media posts and a sign-up page, were initiated earlier this week to build a waitlist for the new product. However, on June 3, Donald Trump Jr., who serves as a Web3 ambassador for WLFI, publicly disavowed the wallet initiative.

Both Donald Trump Jr. and Eric Trump issued statements clarifying that WLFI and the Trump Organization were not affiliated with the project. They underscored that any official releases would come directly from WLFI in the future.

A Complicated Branding Landscape

This incident has intensified tensions surrounding the use of the Trump name and likeness for cryptocurrency initiatives. The crypto space has seen a rise in projects that either claim affiliation with Trump or utilize his brand without authorization, leading to confusion among potential investors and supporters.

WLFI is already spearheading various initiatives, including the USD1 stablecoin, and has provided exclusive perks such as private dinners for top $TRUMP token holders. The organization aims to solidify its foundation within the crypto sector ahead of additional product launches.

Political Implications

The situation has garnered the attention of lawmakers, with several Democratic members of Congress and Senators expressing concerns regarding the overlap of Trump’s political role and his growing involvement in the cryptocurrency domain. There are fears that the commercialization of the presidency through digital assets could further complicate legislative efforts around stablecoins, tokens, and decentralized finance.

As of June 5, the domain TrumpWallet.com, which was previously used to promote the wallet, has been taken offline. However, promotional posts from Magic Eden and the memecoin team remain active on social media.

While the cease-and-desist letter from WLFI has not been made public, there has been no official statement from the firm regarding potential legal actions against the wallet’s creators.

This developing story continues to unfold as the crypto landscape and Trump branding intersect, drawing scrutiny from various stakeholders across the political and financial realms.