Class Action Lawsuit Against Bannon and Epshteyn Involving Let’s Go Brandon Coin

Recent court documents reveal that Steve Bannon and Boris Epshteyn have been named as defendants in a class action lawsuit connected to Let’s Go Brandon Coin, a cryptocurrency launched in 2021. The lawsuit claims that these memecoins were promoted as stable and decentralized, despite having significant centralization and control. Furthermore, it alleges that the tokens were used to exploit supporters of a larger political movement.

The lawsuit states, “Defendants intentionally targeted a politically aligned and highly loyal audience—individuals who trusted Defendants’ judgment, motives, and commitment to shared values—and encouraged them to invest in the tokens as a means of participating in a broader movement.” It continues, noting that their actions were particularly deceptive as they took advantage of this trust to sell unregistered and highly speculative assets while presenting them as pathways to financial independence and community involvement.

Even though Let’s Go Brandon Coin was introduced before the meme coin surge on the Solana-based Pump.fun platform in 2024 and 2025, its creators are facing similar accusations as others involved in lawsuits concerning various coins launched there.

Interestingly, while the class action suit asserts that the defendants claimed Let’s Go Brandon Coin was not a meme coin, they instead marketed it as a genuine financial opportunity with real-world applications and charitable intentions, claiming resilience against inflation and censorship.

Let’s Go Brandon Coin was initially launched on the Binance Smart Chain, which is linked to the global cryptocurrency exchange Binance, not Solana. The lawsuit also contends that the defendants had central oversight over the tokens through related smart contracts and were able to freeze user funds, despite assurances that users couldn’t cancel.

Numerous securities violations allegedly occurred with Let’s Go Brandon Coin. This is particularly relevant given the shift in cryptocurrency policy during the Trump administration, with both main defendants having ties to that era. Bannon acted as chief executive of Trump’s 2016 campaign and strategy lead in his first term, while Epshteyn was a senior advisor during the campaign and has remained close to the president since.

The lawsuit emphasizes, “Securities laws exist to prevent influential insiders from abusing their position of trust, obscuring material facts, and shifting risk to retail investors without transparency or registration.” Its goal is to hold the defendants accountable, recover losses for investors, and prevent the misuse of public platforms and influence.

Last year, the SEC issued guidance suggesting that memecoins may not qualify as securities under legal definitions. During Trump’s presidency, there were concerns raised by House Democrats about corruption related to cryptocurrencies, particularly involving the TRON founder and the pardoning of a former Binance executive. Amidst these scandals, both Trump and Melania Trump launched their own meme coins, which have seen significant declines since their peaks.

The crypto sector is looking to the CLARITY Act for clearer regulations, although the bill faced setbacks recently, especially after Coinbase retracted its support. It remains uncertain if this bill will pass into law this year, with prediction markets currently suggesting a 52% chance.