A Circle Internet Group shareholder sued President Donald Trump and World Liberty Financial in Washington federal court on Oct. 22, POLITICO reports. The shareholder alleges that two UAE-linked deals involving the crypto venture brought Trump benefits barred by the Constitution’s foreign emoluments clause. CNBC reports that the defendants also include U.S. Middle East special envoy Steve Witkoff and four related companies.
Greenberg, a former Circle employee, filed the case on the company’s behalf as a shareholder derivative suit, according to POLITICO and CNBC. That does not mean Circle backed it. “Circle did not initiate, direct, authorize, or participate in the filing,” the company told CNBC.
The two deals at issue
CNBC reports that an entity backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser, agreed to buy a 49% stake in World Liberty for $500 million days before Trump’s January 2025 inauguration. According to POLITICO, the complaint says the money was “routed from” the UAE and alleges Trump received millions in payouts after taking office. POLITICO also reports that a World Liberty spokesperson previously said Trump was not involved in the transaction and has no current role at the company.
The other deal was a 2025 purchase of $2 billion in World Liberty’s USD1 stablecoin by an Abu Dhabi investment fund chaired by Tahnoon, CNBC reports. CNBC reports that the lawsuit alleges the purchase was part of a scheme to inflate the value of Trump’s crypto holdings. POLITICO reports that the suit claims the purchase yielded Trump millions of dollars in interest. The $500 million and $2 billion figures describe the transactions, not the amounts the suit alleges Trump personally received.
World Liberty spokesperson David Wachsman told CNBC, “These claims are without merit and we look forward to resolving them in court.” White House spokesperson Anna Kelly told CNBC the case was “yet another frivolous lawsuit” and said, “There are no conflicts of interest.”
Greenberg seeks a declaration that the alleged profits violate the Constitution, disclosure of other foreign crypto payments and the return of any profits found illegal, CNBC reports. POLITICO reports that the suit also seeks unspecified damages.
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