Analysis

Trump family threatens legal action against TrumpCoin

The Trump family has finally voiced their outrage at low-cap cryptocurrency TrumpCoin (TRUMP) six years after it entered the market.

TRUMP is currently trading at $0.28 with 24-hour volume of $13,776.

Source: TradingView

On January 25, Donald Trump’s second son, Eric, threaten took legal action against the TRUMP cryptocurrency for using his family’s last name for fraudulent purposes.

“Scam Alert: We have noticed someone promoting a cryptocurrency called “TrumpCoin” (“TRUMP”). This has absolutely nothing to do with our family, we don’t approve of attribution and we don’t belong to this group. We will take legal action.”

The TRUMP cryptocurrency was launched in the first quarter of 2016 as the campaign season for the 45th President of the United States began. The project claims to be “a cryptocurrency created by patriots for patriots around the world.”

However, the TrumpCoin team seems to have reckoned with the possibility of being sued by the Trump family.

About 24 hours after Eric’s threat, TrumpCoin’s Twitter account responded with a disclaimer on its website, confirming that TrumpCoin has no connection to the Trump family or any of their assets.

https://twitter.com/TrumpCoinWW/status/1485734905376034822?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

The Trump family is no stranger to the crypto industry. Melania Trump recently auctioned off the hat she wore as first lady, paid for in SOL. She also congratulated Bitcoin on its 13th birthday earlier this year.

However, Donald Trump doesn’t take crypto as seriously as his wife. Last October, he said that cryptocurrencies pose a threat to US dollar dominance in the world. He also hopes that digital currencies like China’s digital renminbi will not compete to the point of beating the dollar.

Not only TRUMP is faced with this situation, more and more crypto experts are also being criticized for naming rights and trademarks.

The Lord of the Rings author JRR Tolkein filed a complaint against JRR Token for using the author’s name. On November 23, 2021, this cryptocurrency was forced to stop its work and remove all content violating intellectual property rights.

Popular fast-food restaurant Jack in the Box also sued FTX for copyright infringement. The chain accused FTX’s mascot “Moon Man” of copying their mascot “Jack”. The case was settled out of court on January 21.

Ripple Labs was sued in an Australian court last August for copying the name of an already existing nationwide payment service, PayID.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.