World Liberty Financial (WLFI) of the Trump family has issued a cease and desist order against FIGHT FIGHT FIGHT regarding collaboration with Magic Eden to launch the TRUMP Wallet. Following this announcement, Magic Eden's ME token dropped by over 9%.
WLFI co-founder Donald Trump Jr. declared that his company is also planning to launch a cryptocurrency wallet with the president's name and image. It is currently unclear which company has the legal rights to create this product.
Who Can Launch the TRUMP Wallet?
President Trump has a vast cryptocurrency empire, but clearly, its parts do not always communicate with each other.
Two days ago, Magic Eden announced that they were supporting a TRUMP wallet, but Trump's two sons denied any involvement in the project. Currently, WLFI has submitted a cease and desist order to terminate the project.
"The Trump Organization has no involvement with this wallet product. Eric and I know nothing about it. Stay tuned—World Liberty Financial, which we have been working tirelessly on, will soon launch our official wallet," Don Jr. stated on social media.
When this confusion first appeared, the cryptocurrency community assumed it was just a communication mix-up. However, the TRUMP Wallet situation is more complicated.
Bill Zanker, a long-time Trump associate, leads FIGHT FIGHT FIGHT, the organization issuing TRUMP and managing other projects.
However, Zanker and FIGHT FIGHT FIGHT have no direct connection to WLFI or the Trump Organization.
The company has a license to use Trump's name and image for meme coins, Non-Fungible Tokens, and other projects, but the owners are not actually the same group. With WLFI wanting to launch its own Trump Wallet, this has caused a minor incident.
Trump's Crypto Empire. Source: Molly WhiteA Complex Crypto Empire
For example, Don Jr. mentioned that the Trump Organization knows nothing about the wallet plan, but the company issuing the cease and desist is not them. World Liberty Financial and FIGHT FIGHT FIGHT are separate entities with overlapping staff, creating a confusing picture.
This situation leaves many things unclear. At the time of writing, trumpwallet.com is offline, and related X accounts have been suspended.
It is unclear which company will use the Trump name for a cryptocurrency wallet and whether this might cause a rift between these businesses. Whatever happens, Magic Eden is the biggest loser, with their token dropping over 9%.
Magic Eden Price Performance. Source: CoinGeckoOn the other hand, Trump's separation of his various cryptocurrency projects in this manner is reasonable, as they have attracted much criticism.
Meanwhile, the TRUMP Wallet incident also reveals the limitations of this group. Both companies believe they have the right to use the president's image for a similar project. Someone will need to resolve this dispute.
