‘Let’s Go Brandon’ Memecoin Investor Sues Steve Bannon and Trump Advisor Epshteyn

TLDR

• Lawsuit claims Bannon and Epshteyn misled investors on Let’s Go Brandon token.
• The memecoin later rebranded as Patriot Pay and traded on Ethereum.
• Plaintiff alleges Bannon and Epshteyn targeted politically loyal investors.
• Lawsuit argues the token was an unregistered and controlled security.

A class action lawsuit has been filed against Steve Bannon and Trump advisor Boris Epshteyn over their promotion of the Let’s Go Brandon memecoin. The lawsuit, filed in the U.S. District Court for the District of Columbia, alleges that Bannon, Epshteyn, and other defendants misled investors about the token.

Plaintiff Andrew Barr filed the suit on behalf of a proposed class of purchasers. The complaint claims the defendants falsely presented the memecoin as decentralized while retaining control over key functions.

Allegations of Misleading Promotion

The lawsuit states that Bannon and Epshteyn promoted the token despite mechanisms allowing operators to control smart contracts, governance, and trading. This included the ability to freeze accounts.

According to the filing, the defendants “deliberately targeted a politically aligned and deeply loyal audience” who trusted their judgment and encouraged investment as part of a broader movement.

The complaint further alleges that the defendants had a strategic partnership with the token’s founders and used their influence to promote its success.

Market Activity and Rebranding

The Let’s Go Brandon memecoin launched in late 2021 amid a strong cryptocurrency market. It traded on Ethereum via Uniswap.

The lawsuit notes that a promotional announcement on Bannon’s “War Room” podcast in December 2021 drove the token’s value up by 267% in one day. Later, the token was rebranded as Patriot Pay.

Plaintiff Andrew Barr claims that Bannon and Epshteyn reduced promotional efforts in 2022. Co-defendant Sarah Abdul Williams announced that both would step down from the project in 2023.

Claims of Unregistered Security

The lawsuit argues that the memecoin was an unregistered security. According to the complaint, defendants exploited investor trust to induce purchases under the guise of financial independence and community membership.

The filing emphasizes that the memecoin was highly speculative and that investors were misled about its decentralized nature and level of control. The complaint requests damages on behalf of the class of affected investors.

Legal and Political Context

Bannon and Epshteyn are public figures with prior involvement in political media and advisory roles. The lawsuit highlights that their political influence contributed to the promotion of the token.

The case will proceed in the U.S. District Court for the District of Columbia, where plaintiffs are seeking class action status. No responses from the defendants have been reported at this time.

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