Trump’s Sons Distance Themselves from New Crypto Venture as Controversy Surfaces
Published: June 3, 2025, 7:54 PM EDT
By Lucien Bruggeman, ABC News
In a surprising turn of events, Donald Trump’s sons, Donald Jr. and Eric Trump, have publicly distanced themselves from a new cryptocurrency initiative linked to their father’s brand—the "Official $TRUMP Wallet." This digital wallet was launched in collaboration with a digital asset company and aims to facilitate transactions involving the $TRUMP meme coin and other cryptocurrencies. However, the Trump siblings have made it clear that they are not involved in this project.
Announcement of the $TRUMP Wallet
The launch was spearheaded by Jack Lu, CEO of the digital asset marketplace Magic Eden, in partnership with GetTrumpMemes, the firm behind the $TRUMP meme coin. Lu announced the wallet on social media platform X, emphasizing its goal of enhancing crypto accessibility for mainstream users. He described the new app as a means for “true Trump fans” to engage with the digital currency market.
However, the reaction from Eric Trump was swift. Within hours of the wallet’s announcement, Eric took to social media to assert, “I run @Trump and I know nothing about this project!” Adding to the clarification, Donald Trump Jr. declared that he has "zero involvement with this wallet product," hinting at plans for an alternative digital asset wallet through a different crypto venture, World Liberty Financial.
Social Media and Account Suspension
Despite the brothers’ disavowals, the $TRUMP Wallet claimed its status as the "First and Only Crypto Wallet for True Trump Fans." The wallet’s website features scant details, with a call for users to join a waitlist for the formal launch along with a sweepstakes offering shares of $1 million worth of $TRUMP rewards.
As of Tuesday afternoon, the official account for the $TRUMP Wallet on X had been suspended, although the reasons for this suspension remain unclear.
Context of Trump’s Crypto Ventures
This move comes at a time when the Trump family has increasingly immersed itself in the cryptocurrency sector. Once critical of digital currencies, they have since expanded their portfolio to include not only the $TRUMP meme coin but also have investigated ventures involving bitcoin mining and a stablecoin.
Recently, a black-tie event hosted by Donald Trump catered to top investors of the $TRUMP coin, which raised eyebrows as funds appeared to flow directly into the Trump family’s business interests. Critics have raised concerns over potential conflicts of interest, especially given the Trump administration’s previous regulatory roles on cryptocurrency markets.
Donald Trump Jr. addressed these criticisms during a segment on CNBC, asserting that the family turned to cryptocurrency "out of necessity." He explained that after entering politics, traditional banking avenues became inaccessible to them, thus propelling them into the realm of digital currencies.
Conclusion
The launch of the $TRUMP Wallet and the subsequent distancing of Donald and Eric Trump underscore the complex dynamics involved in the intersection of cryptocurrency and political legacy. As the Trump family navigates this evolving digital landscape, the implications for their brand and business dealings will continue to attract scrutiny from both supporters and critics alike. ABC News is actively seeking clarification from Magic Eden concerning this controversial venture.
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