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  • Trump Wallet Isn’t Trump’s? The Family Says “Fake.”

Trump Wallet Isn’t Trump’s? The Family Says “Fake.”

PLUS: Elon slams “Big Beautiful Bill” • Rumours around Pump.fun's $1B raise • EU/US brace for tariff war

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Cryptopolitan News
June 04, 2025 • Estimated Reading Time: 10 minutes

📬 Today’s Byte

• Trump wallet chaos

• Pump.fun rumored to target $1B raise amid memecoin market cooldown

• Elon Musk slams Trump’s “Big Beautiful Bill”

• Tweet of the day

🚨 Trump wallet chaos:

The Trump-branded crypto wallet announcement exploded into confusion this week, with Donald Trump Jr., Eric Trump, and even Barron Trump publicly distancing themselves from a new product that claimed to be “official.”

The $TRUMP memecoin team and Magic Eden had announced the upcoming “Official Trump Wallet” on June 3. But within hours, Trump family members slammed the project, saying they had “zero involvement.”

Donald Trump Jr. clarified that the Trump Organization had no hand in the wallet, and that their own platform, World Liberty Financial, would be releasing an official version soon.

“This is not authorized by Trump,” said Eric Trump, warning Magic Eden to “be extremely careful.”

Even Barron Trump joined X for the first time to post that the wallet had nothing to do with the family.

Chaos behind the scenes

Despite family denials, the Trump Wallet website still claims to be a collaboration between Magic Eden and GetTrumpMemes.com, a site linked to Fight Fight Fight LLC. That firm is co-owned by CIC Digital LLC, a company affiliated with the Trump Organization.

CIC and Fight Fight Fight LLC reportedly hold a majority of the $TRUMP token supply, and are tied to past Trump NFTs and crypto launches. One key figure, businessman Bill Zanker, is allegedly involved in multiple Trump-linked crypto projects, including this one.

The wallet controversy has sparked speculation about major communication breakdowns between the Trump family's official channels and business partners pushing crypto initiatives under the Trump brand.

A familiar pattern

This isn’t the first time Trump-branded crypto moves have gone sideways. Just last month, Trump Media & Technology Group first denied, then confirmed, a $2.5 billion raise to purchase Bitcoin through a mix of equity and convertible debt.

As memecoins continue to bleed into politics and brand power, the Trump wallet drama highlights just how murky official endorsement can be in crypto, even when your name is on the token.

Microsoft Corp. is making more cuts in addition to the 6,000 layoffs announced last month. This highlights the tech companies trimming costs even as they invest dollars into artificial intelligence.

📊 Market Watch:

Pump.fun rumored to target $1B raise amid memecoin market cooldown

Solana-based memecoin launchpad Pump.fun is reportedly preparing for a massive $1 billion token sale at a $4 billion valuation, according to a Blockworks report citing anonymous sources. The token could launch within two weeks, with 10% airdropped to the community and listings on multiple centralized exchanges.

Pump.fun, known for its one-click meme token generator, has not confirmed or denied the reports. As of now, there’s no official roadmap or token utility revealed.

Zoom out: Memecoin momentum slows

Pump.fun’s monthly revenue has dropped 66% since January — from $137M to $46.6M in May. The memecoin sector is cooling. As of June 4, the total market cap for meme tokens stands at $64B, down more than 54% from December’s $137B (CoinMarketCap data).

The rumored raise is drawing attention not just for its scale, but for what it says about crypto’s current appetite for high-risk, high-reward plays, even as broader sentiment turns cautious.

Microsoft Corp. is making more cuts in addition to the 6,000 layoffs announced last month. This highlights the tech companies trimming costs even as they invest dollars into artificial intelligence.

🏛️ Regulation Watch: 

Elon Musk didn’t hold back this week, calling President Trump’s proposed mega-spending package a “disgusting abomination” and accusing Congress of “making America bankrupt.” His post lit up X, where he warned that the bill would explode the federal deficit to $2.5 trillion.

“Shame on those who voted for it. You know you did wrong,” Musk wrote.

The bill, which Trump calls his “one big beautiful bill”,  bundles tax reforms, defense spending, and energy priorities. It passed the House by a narrow margin and is now racing through the Senate ahead of a July 4 deadline.

Crypto community joins the backlash

Elon isn’t alone. Pro-XRP lawyer John Deaton echoed the frustration, saying the bill proves that “Washington is addicted to printing and spending more than it takes in.” His post quickly gained traction across crypto Twitter, with many warning the bill could fuel inflation and further erode trust in the US dollar.

Internal GOP infighting

While Senate Majority Leader John Thune pushes to finalize the bill, internal divisions are growing. Senator Rand Paul has rejected it outright due to the debt ceiling provisions, prompting Trump to fire back on Truth Social.

Senator Ron Johnson, meanwhile, is calling for “sharper cuts” and a “decoupling” of the debt ceiling from spending.

This fiscal showdown lands at a critical moment for crypto. With growing inflation concerns, rising interest in Bitcoin as a hedge, and debates about stablecoin regulation heating up in Washington, the outcome of this bill could shape investor sentiment and regulatory momentum.

The EU and US are facing their biggest trade clash in years as leaders meet in Paris this week to prevent a tariff war after President Trump doubled metals duties and set a July 9 deadline for steep new tariffs on European goods.

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🐥 Tweet of the day by @CPOfficialtx

Market-moving headlines 🔥

Traders in the options market are betting that the S&P 500 will barely move after the upcoming US jobs report drops on Friday, following a stretch of stronger-than-expected economic numbers and a slowdown in tariff aggression from President Donald Trump.

The AIA warned on June 3 that new tariffs on imported commercial aircraft, jet engines, and parts could risk air safety and the supply chain. The industry representatives also claimed that the effects of tariffs could trigger other unintended consequences.

UAE-based Emirates Coin Investment LLC (EmCoin) has become the first digital and traditional assets investment platform to be regulated by the Securities and Commodities Authority.

Ludovic Subran, Chief Investment Officer at Allianz SE, has raised concerns about Section 899, a controversial provision in President Donald Trump’s sweeping financial legislation.

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