TrumpCoin (TRUMP), a low-cap cryptocurrency, has finally incurred the wrath of the Trump family six years after its launch.
On Jan. 25, Donald Trump’s second son Eric threatened legal action against the TRUMP coin, alleging that it was fraudulently utilizing his family’s name.
TRUMP is a cryptocurrency that was introduced in Q1 2016 to coincide with the start of the campaign season for the 45th President of the United States. “A Cryptocurrency designed by Patriots for Patriots throughout the World,” it states.
The TrumpCoin team evidently expected to face legal action from the Trump family at some time. About 24 hours following Eric’s threat, the TrumpCoin Twitter account retaliated by pointing to a disclaimer on its website that said that TrumpCoin is unrelated to the Trump campaign.
According to CoinGecko, TRUMP is currently trading at $0.28 with a 24-hour trading volume of $13,313 coins.
The Trumps are no strangers to the cryptocurrency market. Melania Trump recently put up for auction a hat she wore as First Lady. Solana was used to make the payment (SOL). She also wished Bitcoin (BTC) a happy 13th birthday at the beginning of the year.
Trump, on the other hand, does not hold Bitcoin in the same regard as his wife. He stated in October that bitcoin poses a challenge to the US Dollar’s global authority. He also expressed his hope that digital currencies such as China’s Digital Yuan do not pose an insurmountable challenge to the dollar.
TRUMP joins a small but increasing list of cryptocurrency professionals who have been chastised over naming and branding rights.
The estate of J.R.R. Tolkein, author of The Lord of the Rings, has taken aim at the cryptocurrency JRR Token for exploiting the author’s name. The crypto was obliged to stop down and delete any content that infringed on the estate’s copyrighted intellectual property on November 23 of last year.
Jack in the Box, a popular fast food chain, has also sued FTX for copyright infringement. The company claimed that FTX’s “Moon Man” mascot was a carbon copy of its “Jack” character. On January 21, the case was settled out of court.
Last August, Ripple Labs was sued in an Australian court for plagiarizing the name of a pre-existing nationwide payments program called PayID.