Official announcement has come out from Magic Eden. No promotion yet from Trump’s end.

UPDATE: Since I published, the waitlist website has added a segment reading “Magic Eden partnered with GetTrumpMemes.​com to create the first and only $​TRUMP Wallet”. This suggests it is indeed Fight Fight Fight LLC (Bill Zanker) behind it.

Magic Eden and spokespeople for President Trump did not immediately respond to inquiries about the project.

The deal raises additional regulatory questions, especially as decentralized finance apps are being explicitly carved out from regulatory oversight by Trump-championed crypto bills being considered in Congress as we speak.

Magic Eden and Trump have some history prior to this deal, with several executives attending his memecoin dinner in late May, and a partnership pertaining to Trump NFTs last year.

Details about the app are scarce, but it’s likely to rely on similar technology to the crypto trading app Slingshot, which was acquired by Magic Eden in April.

A Trump crypto wallet is only the latest in a long and ever growing list of Trump crypto ventures, which have raised alarms among ethics watchdogs, members of Congress, and even some of Trump’s crypto world fans.

Though the project has yet to be announced by either the Trump team or Magic Eden, a waitlist signup was briefly visible on the TrumpWallet​.com domain, suggesting launch is ​imminent. Terms of the partnership, including which Trump entities are involved, are not disclosed.

Trump crypto adviser David Bailey is following in the footsteps of sons of both Trump and Commerce Secretary Howard Lutnick, who are in the MicroStrategy-esque process of creating companies, rapidly going public, and acquiring large bitcoin holdings to become bitcoin proxy bets.

A small company called GD Culture Group has announced it will somehow purchase up to $300M in TRUMP tokens. As a company that primarily does business on TikTok, they have a strong incentive to try to influence Trump as he navigates the ongoing saga around a TikTok ban.

Trump’s exclusive dinner for holders of the TRUMP memecoin is scheduled for Thursday night. Nearly 3/4 of the wallets on the leaderboard likely belong to non-US buyers, including Justin Sun, whose legal troubles in the US have vanished following his Trump contributions.

In the Senate, the GENIUS Act has advanced and will likely go to a full vote this week. Although Democrats are likely to insist on a vote on an amendment to limit Trump’s crypto corruption, it’s a symbolic gesture.

Coinbase CEO Brian Armstrong has characterized my reporting on the timing of the user agreement update as a “conspiracy theory”. He did not comment on the substantive new hurdles introduced by the change, nor a question about the long delay in disclosing the breach.

Coinbase has disclosed a substantial customer data breach, blaming it on “rogue overseas support agents”. This follows months of crypto security researchers warning about apparent security issues at the company.

According to Coinbase, the data thieves bribed members of Coinbase’s support team, which is based overseas and reportedly makes very little money. It seems Coinbase has been aware of a breach for several months, but only reported it on May 14.

At least five lawsuits have been filed about the breach in the days since, but a change to Coinbase’s customer agreement that went into effect on May 15 may make it more challenging for customers to obtain relief.

While there have been some attempts by Democratic Senators to sound the alarm with various agencies, these agencies are largely under Trump’s control. If there’s been any action on their letters, it hasn’t publicly materialized.

This is a dangerous convergence of the president’s financial interests and his power to shape policy, and it poses serious risks to all of us.

There’s of course also the NFTs, the bitcoin branded sneakers, and the Trumps’ personal crypto holdings, which are not well known.

And there’s also the substantial risk of insider trading in crypto, mirroring similar concerns we’ve seen raised recently about insider trading in traditional assets surrounding Trump’s tariff announcements.

The Trumps have cashed out around $390 million from their memecoins. A month after their launch, the SEC stated that memecoins do not fall under SEC authority.