WLFI requests to stop the Trump wallet 'not authorized'

World Liberty Financial (WLFI) – a cryptocurrency platform backed by President America Donald Trump and his family members – has recently sent a cease and desist letter to the company behind a Bitcoin wallet project associated with the Trump brand.

According to a report on June 5 from Bloomberg, WLFI sent a warning letter to Fight Fight Fight LLC – the entity that owns the website Gettrumpmemes.com and is the issuer of the memecoin TRUMP. The letter was sent after the NFT exchange Magic Eden and the memecoin development team announced a waiting list for a cryptocurrency wallet named Trump.

Donald Trump Jr., the eldest son of the President and currently the "Web3 ambassador" of WLFI, stated on June 3 that the Trump Organization is completely "unrelated" to this crypto wallet project, while revealing that his team is planning to launch its own product in the near future.

Many American lawmakers and industry leaders have expressed concerns about Trump's cryptocurrency-related activities, including backing WLFI, the stablecoin USD1 of this platform, and the issuance of a personal memecoin – accompanied by a dinner reward at Trump's golf course for the top 220 holders.

As of the time of this article, posts from June 3 on the X platform of Magic Eden and Gettrumpmemes about the Trump wallet are still visible. However, the website TrumpWallet.com – which once opened a waiting list for users to register – is currently inactive after information about the cease-and-desist letter was revealed.

As of March, WLFI has raised approximately 550 million USD through two rounds of public token sales. The project continues to spark controversy with the launch of the USD1 stablecoin – a coin that a company based in Abu Dhabi claims will be used to disburse a 2 billion USD investment into the Binance exchange back in May. The Trump family currently holds shares in WLFI and indirectly benefits from transaction fees through a company linked to the President of America. Two days ago, WLFI also airdropped 47 USD1 to participants who purchased their tokens.

Some Democratic Party members in the House and Senate accuse Mr. Trump of exploiting his political position to profit from crypto projects.

These allegations could delay or stall the progress of passing bills related to digital assets. Currently, both the House of Representatives and the Senate of America are considering two important bills aimed at establishing a legal framework for the digital asset market and regulating stablecoins used in payments.

Thạch Sanh