Steve Bannon, former chief strategist to President Donald Trump, and Boris Epshteyn, a legal adviser to Trump, are facing a proposed class action lawsuit in the U.S. District Court for the District of Columbia. The suit alleges that they misled investors in promoting a cryptocurrency initially known as Let’s Go Brandon Coin, later rebranded as Patriot Pay.
The complaint, filed by investor Andrew Barr, claims that Bannon and Epshteyn presented the token as a decentralized and stable investment. However, they allegedly maintained centralized control over its trading and operations. The lawsuit asserts that the defendants leveraged their political prominence to attract retail investors who shared their ideological views, encouraging them to invest in the token as part of a broader movement. ([theblock.co](https://www.theblock.co/post/389882/lets-go-brandon-memecoin-investor-sues-steve-bannon-and-trump-advisor-epshteyn-in-class-action-lawsuit?utm_source=openai))
According to the filing, Bannon and Epshteyn secretly acquired control of the project in 2021 from its original creator. The acquisition was reportedly financed through transaction fees paid by retail investors, rather than the defendants’ own capital. Despite holding significant authority over the token’s smart contract and key wallets, they publicly portrayed themselves as mere supporters of the project. ([yellow.com](https://yellow.com/news/bannon-and-epshteyn-face-fraud-allegations-over-defunct-patriot-pay-crypto/?utm_source=openai))
The lawsuit further alleges that the token’s value declined due to mismanagement and lack of promotion. Promised charitable donations from transaction fees were reportedly unaccounted for. In February 2025, the defendants allegedly disabled trading, announced the project’s closure, and failed to return investor funds. ([yellow.com](https://yellow.com/news/bannon-and-epshteyn-face-fraud-allegations-over-defunct-patriot-pay-crypto/?utm_source=openai))
The case highlights the risks associated with politically branded cryptocurrencies and the potential for misuse by prominent figures. It also underscores the importance of transparency and accountability in the rapidly evolving digital asset market.