Eric Trump says crypto feud has cooled as World Liberty plans major investment

The fight over a Trump-branded crypto wallet is over, Eric Trump says, as the dispute had roiled the waters of the Trump family’s burgeoning crypto empire.

The president’s son said in a post on X on Friday that the company responsible for the Trump meme coin isn’t moving forward with a digital wallet offering that has caused a fissure with World Liberty Financial, the crypto company owned in part by the Trump family.

The dispute’s heart was a proposed digital wallet called $TRUMP Wallet. It was being produced by a company called Fight Fight Fight LLC, which Bill Zanker, a longtime Trump friend, owns. This wallet was advertised as the home of the widely popular $TRUMP meme coin launched earlier in the year.

However, another Trump-affiliated company, World Liberty Financial (WLFI), opposed the development. WLFI, which members of the Trump family partially own, said the wallet had used Trump’s name without permission.

WLFI sent Fight Fight Fight and its tech partner, Magic Eden, a cease-and-desist letter to prevent the wallet from launching, Bloomberg News reported.

The issue was revealed in an X post by Eric Trump. He said the wallet is not being pursued, and his family didn’t sign off on its development. “I run @Trump, and I know nothing about this project! He posted.

This public statement went a long way toward putting such rumors to rest that a division had formed within the Trump crypto business network.

World Liberty Financial boosts holdings with $TRUMP meme coin

With the wallet flap now behind it, World Liberty Financial is pursuing a serious investment in the $TRUMP meme coin, Eric Trump says.

He said on X that WLFI intends to purchase a “good amount” of the token. That’s changed from competition to partnership, indicating a closer relationship between WLFI and the token’s creators.

Most of the $TRUMP supply, about 80%, is owned by Fight Fight Fight and another Trump-related entity, CIC Digital LLC. Their holdings are worth around $2 billion as of early June, according to CoinMarketCap, the tracking site.

Its supporters say the meme coin provides fans with a means to express support for the president and to play a role in the digital economy. Critics say it is a cash cow for Trump insiders.

And the demand for the meme coin, although much debated, has been so high that you’d be hard-pressed to find someone close to the Trump orbit who, like the president or not, might be open to a little high-proof sycophancy, who doesn’t want one.

Trump crypto ventures spark political backlash

The Trump family’s increasing stake in crypto has prompted fresh political concerns.

Some Democratic lawmakers have alleged that Donald Trump, who calls the shots for the Republicans in the Senate, is employing the crypto vehicle to peddle influence and line his pockets and those of his cronies. They note the family’s hefty holdings in $TRUMP and their ties to numerous crypto firms.

These worries intensified when Trump held a private dinner in April for prominent $TRUMP stockholders at Mar-a-Lago. Critics say this may have crossed the ethical boundary, particularly since Trump is the president.

The Trump family disputes all allegations of wrongdoing. Eric and Donald Trump Jr. have insisted that they are simply backing projects that excite their base and represent genuine value in the world of cryptos.

The family is, meanwhile, expanding its digital finance footprint.

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