Eric Trump has publicly stated that he has no affiliation with Magic Eden’s new $TRUMP Wallet. He has called out NFT marketplace for using the Trump name without permission. The fallout has raised questions about the tension between political branding and crypto marketing.
On Tuesday, Magic Eden announced the launch of the “Official $TRUMP Wallet” in partnership with the team behind the Trump-themed meme coin, $TRUMP. But within hours, the Trump family was distancing themselves from the project. Eric Trump tweeted out a warning to the project’s backers and told his 6 million followers on X that the Trump brand was being used without permission.
“I run @Trump and I know nothing about this project!” he wrote, tagging both Magic Eden and the Trump coin team.
His brother, Donald Trump Jr., also denied any involvement, saying their family is working on a different wallet product with World Liberty Financial. The pushback adds legal and reputational risk to what was supposed to be a flagship crypto product for Trump fans.
What the Trump Wallet Is and Isn’t
According to Magic Eden’s announcement, the Trump Wallet was a self-custodial crypto wallet for Trump fans. The platform would allow users to store and trade $TRUMP tokens alongside Bitcoin. A sweepstakes was tied to the launch, offering users a chance to win $1 million in token rewards for signing up via TrumpWallet.com.
The branding was heavy on patriotic and political themes, with the now-suspended @TrumpWalletApp account previously describing the platform as “the first and only crypto wallet for true Trump fans.” But the Trump family’s disapproval raises big questions about who’s in control of the project and if any official licensing was obtained.
Magic Eden has not responded to the backlash and did not comment when asked by sources.
Magic Eden’s Mainstream Crypto Push Hits a Wall
Magic Eden has been expanding beyond NFTs into consumer crypto for a year. CEO Jack Lu said the wallet was an effort to bring more mainstream users into Web3. The wallet is built on Slingshot Finance, a self-custodial trading app acquired by Magic Eden in April. Slingshot allows swaps of popular meme coins like BONK and FARTCOIN, with identity verification offloaded to fiat on-ramp provider MoonPay.
However, many details are unclear: will the Trump Wallet have its own KYC process? How will revenue be split between Magic Eden, Slingshot and the $TRUMP coin team?
The lack of transparency and disputed branding has turned the Trump Wallet into a niche issue. A regulatory and reputational risk at the intersection of politics and Web3.
Trump Family Expands Crypto Footprint, But With Caution
Despite distancing themselves from this wallet, Trump-affiliated businesses have been getting deeper into crypto this year. The president’s media and financial ventures have been reportedly dabbling in Bitcoin mining, NFT collections, and dollar-linked stablecoins.
In May, President Trump hosted a black tie event for top $TRUMP coin holders at Mar-a-Lago. Plans are also reportedly in the works for crypto focused ETFs under TruthFi, the investment arm of Truth Social.
These moves reveals that while the Trump family sees potential in digital assets, they are becoming more selective about which ventures they endorse, especially as political branding becomes a valuable commodity in the crypto space.
The Bigger Issue: When Branding Crosses the Line
In crypto, branding is often the product. But when that branding involves public figures, especially political ones, the risk calculus changes.
Eric Trump’s public warning reveals the critical scrutiny of unauthorized crypto ventures that try to profit from loose affiliations. The fact that Magic Eden went ahead and branded the wallet as “official” without visible sign off from the Trump organization could lead to legal action or at least reputational damage.
Even if no legal action follows, the public disapproval has cast doubt on the project and left the community confused about who’s behind it.
Conclusion: A Warning Shot
The Trump Wallet controversy may look like a short lived branding mistake but it’s a bigger issue: the crypto space’s growing entanglement with political influence and the need for transparency when using public figures.
Endorsement and exploitation are getting harder to define, and far more important. Magic Eden’s mass adoption via political branding faces a credibility challenge and the Trump family is saying no to unauthorized associations. Industry watchers await next steps, a legal action or rebranding.
FAQs
Is the Trump Wallet officially endorsed by the Trump family?
No. Both Eric Trump and Donald Trump Jr. have said no involvement and warned it’s not authorized.
What is Magic Eden’s role in the Trump Wallet?
Magic Eden allegedly partnered with the $TRUMP coin team to launch the wallet. But how much of the revenue and responsibility is unclear.
What is the Trump family actually working on?
According to Donald Trump Jr. the family is working on a separate crypto wallet with World Liberty Financial.
What is Slingshot Finance and how is it connected?
Slingshot is a self-custodial trading platform that Magic Eden acquired in April 2025. The Trump Wallet appears to be built on top of it.
Why is the Trump Wallet controversial?
The wallet was marketed as “official” without the Trump family’s approval and that’s why it’s not authorized.
Glossary
Self-custodial Wallet: A crypto wallet where you control your private keys, so you own your funds.
KYC (Know Your Customer): A regulatory process where you need to verify your identity when using financial platforms.
Meme Coin: A type of cryptocurrency created around internet memes or cultural trends, super speculative.
Fiat On-Ramp: A service that allows you to convert your traditional money into crypto, often through third-party providers like MoonPay.
NFT (Non-Fungible Token): A unique digital asset stored on a blockchain, used for art, collectibles and media.
Sources
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