The Trump family’s crypto venture, World Liberty Financial (WLFI), has issued a cease-and-desist letter against Fight Fight Fight LLC, the entity behind the $TRUMP memecoin and GetTrumpMemes.com, over what it claims is the unauthorized use of the Trump brand.
According to Bloomberg sources on June 5, the legal warning was prompted by the recent launch of a waitlist for an “Official $TRUMP Wallet,” a product promoted in collaboration with NFT marketplace Magic Eden. WLFI claims that this branding falsely implies endorsement or affiliation with the Trump family, despite having no formal ties to the wallet project.
Donald Trump Jr., WLFI’s official Web3 ambassador, stated that the Trump Organization had “zero involvement” in the promoted wallet and confirmed that WLFI is already developing an official wallet product of its own.
A source familiar with the matter, speaking anonymously, said the cease-and-desist aims to prevent consumer confusion and protect the integrity of WLFI’s crypto initiatives, which include the USD1 stablecoin and accompanying wallet services.
Scrutiny Mounts as Trump Crypto Ventures Face Legal and Political Heat
President Donald Trump’s increasing involvement in the crypto world is drawing heightened scrutiny, as legal disputes and political tensions escalate around WLFI and its affiliated products.
While WLFI has distanced itself from the promoted $TRUMP wallet, the controversy adds to a growing list of legal and ethical questions. Critics have pointed to Trump’s appearance in a memecoin promotion that offered dinner at his golf resort to the top 220 token holders, raising concerns over personal gain and public influence.
Despite the Trump family’s disavowal, promotional materials for the wallet remained active on X (formerly Twitter) via posts from Magic Eden and GetTrumpMemes as of press time. However, the TrumpWallet.com website—previously collecting sign-ups for the wallet—went offline shortly after the legal notice was made public.
WLFI’s broader operations also remain under regulatory and public scrutiny. The venture has reportedly raised $550 million through token sales and launched the USD1 stablecoin, which is now linked to a $2 billion deal in Abu Dhabi involving Binance. Given the Trump family’s reported equity stake in WLFI and connections to its revenue-generating arms, watchdogs are raising red flags over potential conflicts of interest and lack of oversight.
Trump Ties Could Stall Key Crypto Legislation in Congress
Allegations surrounding the president’s personal stake in crypto ventures are beginning to influence legislative dynamics on Capitol Hill, threatening to delay bipartisan efforts at regulatory clarity for digital assets.
Several Democratic lawmakers in both the House and Senate have voiced concern that Trump may be leveraging his political clout to profit from crypto activities tied to WLFI and associated tokens. These claims are beginning to cloud the momentum behind two major legislative packages—one focused on market structure for digital assets and the other targeting stablecoin regulations.
While both bills have made progress this year, insiders warn that the political firestorm surrounding Trump’s crypto ties could derail or delay the process, leaving investors and blockchain startups in limbo.
As the controversy evolves, Cointelegraph reached out to World Liberty Financial for comment but had not received a response at the time of publication.
Quick Facts
- WLFI issued a cease-and-desist to stop an unofficial $TRUMP wallet launch.
- Trump Jr. confirmed no affiliation with the wallet project.
- WLFI has raised $550M and launched the USD1 stablecoin.
- Trump’s crypto involvement is raising conflict of interest concerns.
- Lawmakers worry his ties could stall crypto legislation in Congress.
