Hunter Biden’s LAPTOP memecoin is set to launch Wednesday, but the project has already encountered strong resistance from crypto traders who were expected to provide much of its speculative demand.

The token will be issued on Base, Coinbase’s Ethereum layer-2 network, with a supply capped at 1 billion. Biden and other founders are due to receive 30% of the tokens. Those holdings will be locked for six months before being released over a period of more than two years.

Another 20% of the supply has been allocated to two planned airdrops. Wallets holding TRUMP at a loss are first in line for the distribution. TRUMP is the memecoin Donald Trump launched shortly before his 2025 inauguration.

Biden’s Substack subscribers will also qualify for tokens, as will recipients of a mailing list operated by video journalist Andrew Callaghan.

The Wall Street Journal first reported on the plans, while Biden confirmed the project Monday on X. His post revealed the ticker and featured a montage of television coverage about the laptop he left at a Delaware repair shop in 2019.

The controversy has prompted Base to emphasize that allowing the token to operate on its network is not the same as endorsing the project.

Jordan Fish, better known as Cobie and head of Coinbase’s Base app team, defended the network after users criticized Base over LAPTOP. He said anyone can launch a token on Base without receiving approval from Coinbase and stressed that LAPTOP has no partnership with either Coinbase or Base.

Base founder Jesse Pollak said the project’s team contacted Base before the planned launch. However, he said Base intentionally chose not to participate in designing or promoting the token because of the political issues surrounding it.

Pollak reiterated that Base is permissionless and allows anyone to build on the network.

Why LAPTOP is controversial

The token is based on the long-running controversy surrounding Hunter Biden’s laptop.

The device reportedly contained emails concerning his overseas business activities, along with private photographs, messages and videos involving drug use and other details of his personal life. Material said to have originated from the laptop became a major political controversy during the 2020 U.S. election.

The story also generated thousands of internet memes. Years later, Biden is seeking to turn that notoriety into a cryptocurrency, but the initial response from traders has been overwhelmingly negative.

Pseudonymous DeFi developer scupytrooples responded to Biden’s launch announcement with a blunt message urging him to reconsider the project. Prominent trader DonAlt described the move as an embarrassment, arguing that Biden had finally been given a platform only to use it for a memecoin. Crypto investor Byzantine General also told Biden not to return.

The backlash soon spilled over into promotional efforts by crypto businesses.

Kraken deleted a post promoting LAPTOP after users flooded the replies questioning why one of the industry’s largest exchanges was advertising another political memecoin.

The exchange has not confirmed whether it has abandoned any potential plans to list LAPTOP. According to the project’s website, details about exchange listings will be announced once trading begins.

Callaghan also publicly distanced himself from the project. He said neither he nor his Channel 5 program had any involvement with LAPTOP, despite a Channel 5 mailing list being included among the groups eligible for the proposed airdrop.

Callaghan told the Wall Street Journal that Channel 5 does not view cryptocurrency as a legitimate investment.

Despite the criticism, some activity around LAPTOP continues. Pump.fun was still promoting the token Tuesday, while copycat tokens carrying the same name were trading on the platform during Asian morning hours.

The continued activity suggests that the attention surrounding the controversy could still generate speculative interest, even as traders and businesses distance themselves from the project.

CoinDesk has requested further comment from Coinbase regarding Base’s relationship with LAPTOP and from Kraken over its deleted promotional post.

An update published Sept. 8 at 13:34 UTC replaced the original lead image with a photograph of Hunter Biden.