WLFI sends cease-and-desist letter over ‘unauthorized’ Trump wallet — Report

World Liberty Financial (WLFI), the cryptocurrency platform backed by US President Donald Trump and members of his family, has reportedly issued a cease-and-desist letter to the company responsible for creating a Bitcoin wallet tied to the president’s brand.

According to a June 5 Bloomberg report, WLFIsentthe letter to Fight Fight Fight LLC, the company that owns Gettrumpmemes.com and is behind issuing the TRUMP memecoin. The cease-and-desist notice was reportedly issued after the non-fungible token marketplace Magic Eden and the team behind the memecoin revealed a waitlist for a crypto wallet featuring Trump’s name.

Donald Trump Jr., the president’s eldest son and a “Web3 ambassador” for WLFI,said on June 3that the Trump Organization had “zero involvement” with the crypto wallet project, announcing that the group was planning its own launch in the near future. The report cited a person familiar with the matter who asked for anonymity because the letter had not been made publicly available at the time of publication.

Many US lawmakers and industry leaders havequestioned the president’s crypto ventures, including his involvement in World Liberty Financial and its stablecoin, USD1, and issuing a personal memecoin that resulted in a dinner invitation to Trump’s golf club for the top 220 holders.

Both June 3postson X from Magic Eden and Gettrumpmemes announcing the wallet were still visible at the time of publication. However, the website TrumpWallet.com, previously available for sign-ups for a waitlist, appeared to be offline following the report of the cease-and-desist letter.

Related:Trump’s crypto ties cloud digital assets legislation in Congress

As of March, WLFI hadraised roughly $550 millionthrough two public token sales. The platform came under additional scrutiny after launching its USD1 stablecoin, which, in May, an Abu Dhabi-based companysaid it intendedto use to settle a $2 billion investment in Binance. The Trump family holds equity in WLFI and indirectly profits from transaction fees through a company tied to the US president.

Holding up stablecoin and market structure bills?

Some Democrats in the House of Representatives and the Senate have accused Trump of leveraging his position to profit from his crypto businesses.

Addressing the claims has the potential to slow or halt the progress of digital asset-related bills in Congress. The House and Senate are currentlyconsidering legislation to establisha digital asset market structure framework and to regulate payment stablecoins.

Cointelegraph reached out to a WLFI representative for comment, but had not received a response at the time of publication.

Magazine:Trump’s crypto ventures raise conflict of interest, insider trading questions

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