Text Rewrite
The Lowdown
- World Liberty Financial's Efforts: Eric Trump also shared that World Liberty Financial plans on investing significantly in TRUMP for its long-term treasury, expressing a joint vision for crypto, patriotism, and longevity.
- The Previous Dust-up: This announcement comes after a series of events, starting with World Liberty Financial sending a "cease and desist" letter to the GetTrumpMemes team. This move was made following the unveiling of a Trump wallet, which went dark shortly after the announcement.
- Miscommunication with Magic Eden: The TRUMP token has been embroiled in a situation involving Magic Eden, another crypto platform. However, it appears this incident may be due to misunderstandings rather than deliberate actions by Magic Eden.
- The Trump Family's Cryptocurrency Ventures: Since launching an NFT collection in 2022, the Trump family has dabbled in various cryptocurrency endeavors, including the launch of the Official Trump Meme Coin in January and the announcement of decentralized finance platform World Liberty Financial late last year. These ventures have significantly bolstered President Trump's wealth, making up nearly 40% of his net worth, which equals approximately $2.9 billion, according to a May report in CBS News.
- Controversy and Criticism: The Trump family's involvement in cryptocurrencies has faced criticism from lawmakers and commentators alike. Critics argue that the president's pro-crypto policy push is a ploy to amass wealth for himself and his family. However, Trump's administration has dismissed these accusations.
Trump's Crypto Wallet Project Not Progressing Following World Liberty Dispute: As Per Eric Trump
Eric Trump's Announcement: In a tweet on platform X, Eric Trump declared that the $TRUMP Meme Coin has partnered with World Liberty Financial. However, their proposed Trump-branded crypto wallet won't see the light of day. Eric mentioned that the team behind the meme coin remains undeterred, focused on creating the most thrilling meme out there - $Trump.
The Full Story
Eric Trump announced on platform X that the $TRUMP Meme Coin has formed an alliance with World Liberty Financial. Despite this partnership, their proposed Trump-branded crypto wallet won't materialize. In his tweet, Eric expressed enthusiasm for the "most exciting meme on earth - $Trump." The same news was shared on the official GetTrumpMemes account, as well as World Liberty Financial.
In a separate statement, Eric indicated that World Liberty Financial plans to amass a substantial position in the TRUMP token for their long-term treasury. He also emphasized their shared vision for crypto, patriotism, and long-term success.
The current situation unfolded after World Liberty Financial delivered a "cease and desist" letter to the GetTrumpMemes team following the announcement of a Trump wallet earlier this week. This wallet announcement came after the Trump family previously expressed resistance to the project, alleging "zero involvement" with the product. The posts from Eric, Barron, and Donald Trump Jr. further fueled speculation over the project's status.
The seemingly resolved situation comes as the Trump family's ever-growing cryptocurrency empire continues to prosper. The commander-in-chief first stepped into the world of Web3 by launching an NFT collection in 2022. Since then, he and his sons have ventured into several other crypto pursuits, such as the launch of the Official Trump Meme Coin in January and the announcement of decentralized finance platform World Liberty Financial late last year. These ventures have added significantly to President Trump's wealth, making up nearly 40% of his net worth, or approximately $2.9 billion, according to a May report cited by CBS News.
However, the Trump family's enmeshment with the cryptocurrency industry has also attracted criticism from various quarters. Critics accuse the president of using his policy push to enrich himself and his family. Despite these allegations, Trump's administration has rebuffed the accusations.
It's essential to note that the TRUMP token has also found itself in a messy situation with Magic Eden, another crypto platform. However, it seems this predicament might be the result of miscommunication rather than intentional malfeasance by Magic Eden.
This story was updated after publication with additional details.
Editor's Note: Edited by Andrew Hayward
This story is part of our Daily Debrief Newsletter. Sign up to receive it in your inbox every weekday.
[1] Source URL: https://decrypt.co/95302/trump-crypto-wallet-world-liberty-financial-cease-desist-letter[2] Source URL: https://www.cbsnews.com/news/donald-trump-net-worth-6-trillion-property-assets-wealth-2022-05-24/
- Despite their partnership, the proposed Trump-branded crypto wallet for the $TRUMP Meme Coin will not be developed.
- World Liberty Financial has shown interest in investing significantly in the TRUMP token for their long-term treasury, sharing a joint vision for crypto, patriotism, and longevity.
- Earlier this week, World Liberty Financial sent a "cease and desist" letter to the GetTrumpMemes team regarding a Trump wallet announcement.
- The TRUMP token has been involved in a messy situation with another crypto platform, Magic Eden, but it appears this predicament might be the result of miscommunication rather than intentional malfeasance by Magic Eden.
- Eric Trump announced on platform X that the $TRUMP Meme Coin has partnered with World Liberty Financial, expressing enthusiasm for creating the most exciting meme on earth - $Trump.
- The Trump family's cryptocurrency ventures, including the TRUMP token and the Official Trump Meme Coin, have significantly bolstered President Trump's wealth, making up nearly 40% of his net worth, worth approximately $2.9 billion, according to a May report in CBS News.
