A proposed class action filed in a Washington, D.C. federal court accuses Steve Bannon and Trump adviser Boris Epshteyn of defrauding retail investors through a politically branded cryptocurrency token.
The lawsuit, brought by purchaser Andrew Barr, alleges the pair took centralized control of a token marketed as decentralized and shut it down in 2025 without returning investor funds.
The token was originally called Let's Go Brandon Coin and later rebranded to Patriot Pay.
What Happened
Barr's complaint alleges Bannon and Epshteyn secretly acquired control of the project in 2021 from its original creator.
The deal was structured so that retail investors' transaction fees - not the defendants' own capital - financed the takeover, the suit claims.
Despite holding what the complaint describes as insider authority over the token's smart contract, fee routing, and key wallets, Bannon and Epshteyn publicly presented themselves as mere "supporters" and "advocates" of the project.
The complaint says they told buyers the token offered a censorship-resistant alternative to traditional banking - a way to avoid "de-banking" or political retaliation through the financial system.
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What the Lawsuit Alleges
The token's value steadily declined due to lack of meaningful promotion and alleged mismanagement of investor funds, according to the filing.
Charitable donations that were promised as part of the token's fee structure could not be accounted for, the suit claims.
In February 2025, the defendants disabled trading, announced the project's closure, and promised liquidity distributions that never materialized, according to Barr.
The complaint alleges violations of federal and D.C. securities laws, including the sale of unregistered securities, fraud, and misrepresentation. It also cites a violation of D.C.'s Consumer Protection Procedures Act.
Why It Matters
The lawsuit adds to mounting legal pressure around politically branded cryptocurrency projects targeting partisan audiences.
A separate class action in Florida over the related LGBCoin token - tied to a failed NASCAR sponsorship - was teed up for jury trial in December 2025.
Federal prosecutors in New York had also previously begun looking into Bannon and Epshteyn's involvement with the token, according to ABC News reporting from 2023.
Neither Bannon nor Epshteyn immediately responded to requests for comment, according to Bloomberg Law.
The case is Barr v. Bannon, No. 1:26-cv-00452, in the U.S. District Court for the District of Columbia. Dynamis LLP represents the plaintiff.
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