Key Takeaways:
- The Trump family disavows the newly announced “$TRUMP Wallet” crypto project.
- Eric Trump threatens legal action against unauthorized use of the Trump name.
- The wallet’s associated social media account has been suspended amid the dispute.
A new cryptocurrency venture between the TRUMP Meme Coin and Magic Eden grew controversial during the week when members of the Trump family dissociated themselves from the venture and hinted at possible legal action.
The focal point in the controversy is the purported “Official TRUMP Wallet,” a trading application meant for the exchange of digital currency under the Trump name.
The announcement, through a since-suspended X account, touted the wallet as a portal for Trump supporters to invest in crypto, complete with flashy marketing materials and promises of special rewards.
But in a matter of hours, the Trump family publicly distanced itself from any involvement. Eric Trump warned about the fraudulent use of the family name, noting that no deal had been made regarding such a product.
Meanwhile, the official memecoin account proclaimed the app was real, reflecting increased stress within Trump’s larger cryptocurrency ecosystem.
Family Rift Complicates Crypto Landscape
The friction reveals an inherent contradiction among the crypto ventures associated with Trump. On one side is Bill Zanker, a longtime Trump associate connected to the memecoin $TRUMP, which has experienced extreme price volatility and speculative interest.
On the other hand are Trump’s sons, who co-founded World Liberty Financial, a separate digital asset platform that has reported over $550 million in sales. The launch of the $TRUMP Wallet appears to have caught Trump’s sons off guard, especially as they prepare to debut their own crypto wallet under the World Liberty brand.
The simultaneous and nearly identical offerings hint at conflicting business strategies at work behind the scenes, as everyone tries to leverage Trump’s brand power and the momentum of crypto markets.
Regulatory Questions Loom as Public Confusion Grows
The fallout has raised concerns about the transparency and coordination within Trump’s crypto ventures, especially as former President Trump’s stance has favored relaxed oversight of digital currencies.
Four different crypto brands tied to the Trump name have launched since last fall, including American Bitcoin, Trump Media & Technology Group, and the contentious $TRUMP memecoin.
The suspension of the @TrumpWalletApp account on X adds further uncertainty to the wallet’s future. Meanwhile, the struggle over who has the right to use the Trump name in cryptocurrency remains unresolved, with impending lawsuits suggesting more ambiguity for investors in projects.
While the industry awaits better guidance, this scenario underscores the fundamental risk involved when famous names collide with the volatile world of digital assets.
Related Reading | XRP Targets $2.65: Is a Major Price Jump Coming Soon?