World Liberty Financial (WLFI), a cryptocurrency platform supported by President Donald Trump and his family members, reportedly issued a suspension and assumption letter to the company, taking responsibility for creating a Bitcoin wallet tied to the president’s brand.
According to a June 5th Bloomberg report, WLFI sent a letter to the Battle of Fight Fight LLC, the company that owns getTrumpmemes.com and issues Trump memo coins. The ceasefire notification reportedly came after the team behind the inappropriate Token Marketplace Magic Eden and Memocoin revealed a waitlist for a crypto wallet featuring Trump’s name.
Donald Trump Jr., the president’s eldest son and WLFI’s “Web3 ambassador,” said on June 3 that the Trump organization has “zero engagement” in the crypto wallet project and that the group plans to launch its own launch in the near future. The report cited people who were familiar with issues that called for anonymity.
Many US lawmakers and industry leaders have questioned the president’s crypto venture, including issuing personal memo coins that have been involved in the world’s Liberty Financial and its stub coins, USD1 and brought in a dinner invitation to Trump’s golf clubs for top 220 owners.
Both the X posts from Magic Eden and GetTrumpmemes on June 3, announced the wallet GetTrumpmemes, were still visible at the time of publication. However, previously, Trumpwallet.com, a website that can be used to sign up for waitlists, appeared to be offline following a report of a discontinued letter.
Related: Trump’s Cryptogethers Congress’s Cloud Digital Assets Act
As of March, WLFI had raised approximately $550 million through two public token sales. The platform was scrutinized further after launching USD1 Stablecoin. This said in May that the Abu Dhabi-based company was intended to be used to settle its $2 billion investment in binance. The Trump family maintains WLFI fairness and indirectly profit from transaction fees through companies linked to the US president.
https://www.youtube.com/watch?v=vkc5qcrvdc0
Do you support Stablecoin and market structure billing?
Some Democrats in the House and Senate accused Trump of taking advantage of his position in profiting from his crypto companies.
Addressing claims could slow or halt progress on digital asset-related bills in Congress. The House and Senate are currently considering legislation that will establish a framework for the digital asset market structure and regulate payment stability.
Cointelegraph contacted WLFI representatives for comments but did not receive a response at the time of publication.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
