Bannon, Epshteyn Face Class Action Lawsuit Over Defunct Patriot Pay Token

A proposed class action lawsuit in Washington, D.C. federal court has accused Steve Bannon and Trump adviser Boris Epshteyn of defrauding retail investors through a politically branded cryptocurrency token called Patriot Pay.

The token was originally called Let's Go Brandon Coin but rebranded to Patriot Pay. The complaint alleges that Bannon and Epshteyn secretly acquired control of the project in 2021 from its original creator, with retail investors' transaction fees financing their takeover.

Despite holding 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 alleges that they told buyers the token offered a censorship-resistant alternative to traditional banking.

The lawsuit claims that the token's value steadily declined due to lack of meaningful promotion and alleged mismanagement of investor funds, with charitable donations promised as part of the token's fee structure unaccounted for. In February 2025, the defendants disabled trading, announced the project's closure, and promised liquidity distributions that never materialized.