Photo Credit: spectrumlocalnews
Washington, US: A shareholder of US cryptocurrency company Circle Internet Group has filed a federal lawsuit against President Donald Trump, alleging that he unlawfully benefited from financial transactions involving the United Arab Emirates and his family’s cryptocurrency venture, World Liberty Financial.
The lawsuit, filed on Thursday, October 22, in the US District Court for the District of Columbia, claims that two UAE-linked transactions involving World Liberty Financial violated the Foreign Emoluments Clause of the US Constitution.
The legal provision prohibits federal officeholders from accepting certain financial benefits from foreign governments without congressional approval.
J. Benjamin Greenberg, a former Circle software engineer and company shareholder, alleges that the transactions generated substantial financial benefits for Trump and his family while damaging Circle’s competitive position in the cryptocurrency market.
The allegations remain disputed and have not been established by a court. <Cite refs={[“turn403611search0″,”turn403611search2”]}/>
$500 Million World Liberty Financial Deal Under Scrutiny
The complaint focuses partly on a $500 million agreement reached shortly before Trump’s second presidential inauguration in January 2025.
According to the lawsuit, an investment entity backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, agreed to acquire a 49% stake in World Liberty Financial.
Greenberg claims that more than $75.5 million from the transaction was received by Trump after he assumed office.
The plaintiff argues that the payments constituted financial benefits connected to a foreign government and therefore violated constitutional restrictions.
The lawsuit also questions whether the transaction created financial relationships between the president’s private business interests and foreign government-linked investors.
$2 Billion Binance Investment Raises Further Questions
Another major element of the complaint concerns a $2 billion investment in global cryptocurrency exchange Binance.
The investment was made by MGX, an Abu Dhabi-based investment fund chaired by Sheikh Tahnoon, using USD1, a US dollar-backed stablecoin issued by World Liberty Financial.
Greenberg alleges that using USD1 for the transaction increased demand for the Trump family’s cryptocurrency product and provided financial advantages to World Liberty Financial.
The complaint claims that the arrangement benefited Trump’s cryptocurrency interests while creating competitive disadvantages for other stablecoin providers, including Circle.
The $2 billion figure represents the size of the Binance investment, not an amount Trump personally received. <Cite refs={[“turn403611search4″,”turn403611search9”]}/>
Trump Administration Decisions Cited in Complaint
The lawsuit also draws attention to several decisions taken by the Trump administration that Greenberg alleges were financially advantageous to businesses connected to the president.
These include the US Commerce Department’s approval in 2025 of advanced Nvidia artificial intelligence chip sales to an Abu Dhabi-based AI company chaired by Sheikh Tahnoon.
Another decision cited in the complaint involves conditional regulatory approval granted in August 2026 for a World Liberty Financial-linked trust bank involving the Trump family and UAE-linked investors.
Greenberg argues that these developments form part of a broader financial relationship between entities connected to the UAE and the president’s cryptocurrency businesses.
However, the complaint’s references to government decisions do not establish that those approvals were improperly granted.
Circle Shareholder Alleges Financial Damage
Circle Internet Group, a publicly traded cryptocurrency company, issues USDC and EURC, stablecoins designed to maintain their value against the US dollar and euro, respectively.
The company competes with World Liberty Financial in the digital asset market.
Greenberg worked at Circle between January 2016 and September 2018 and received company equity as part of his employment compensation.
He alleges that UAE-linked transactions involving World Liberty Financial redirected business opportunities away from Circle and caused financial harm to its shareholders.
The lawsuit has been filed as a shareholder derivative action, meaning Greenberg is pursuing claims on behalf of the company.
Circle has distanced itself from the proceedings, stating that it did not initiate, authorize, direct or participate in the filing. <Cite refs={[“turn403611search0″,”turn403611search5”]}/>
Steve Witkoff and World Liberty Entities Named as Defendants
Alongside Trump, the lawsuit names World Liberty Financial and several affiliated businesses, including WLF Holdco, Stablecoin Holdco and DT Marks DEFI LLC.
DT Marks DEFI LLC is identified as an entity used by the Trump family to hold interests in and receive revenue from World Liberty Financial.
Steve Witkoff, the US special envoy to the Middle East, is also named as a defendant over allegations that he helped facilitate the disputed transactions.
The complaint accuses the World Liberty-related entities of interfering with Circle’s business and contributing to financial losses.
These claims will be subject to judicial review as the proceedings develop.
Trump’s Cryptocurrency Earnings Face Renewed Attention
The legal action comes amid scrutiny of the Trump family’s expanding involvement in the cryptocurrency sector.
According to financial disclosures reported in July 2026, Trump received substantial income from cryptocurrency-related businesses during 2025, including approximately $526 million associated with World Liberty Financial.
The president co-founded the cryptocurrency venture with his sons Donald Trump Jr., Eric Trump and Barron Trump, alongside other investors.
Another Trump-associated business, CIC Digital LLC, reportedly generated more than $600 million from sales involving Trump-branded meme coins.
The financial disclosures have prompted questions from critics about potential conflicts between the president’s public responsibilities and private commercial interests. <Cite refs={[“turn403611search0″,”turn403611search6”]}/>
White House and World Liberty Reject Claims
The White House has denied allegations of wrongdoing and maintained that Trump’s financial arrangements do not create conflicts of interest.
White House spokesperson Lauren Bis told Spectrum News that the president acts in the interests of the American public and that his assets are held in a trust.
World Liberty Financial has also rejected the lawsuit’s allegations.
Company spokesperson David Wachsman said the business complies with US laws and regulations and maintained that the claims lack merit.
The company has indicated that it intends to contest the allegations through the legal process. <Cite refs={[“turn403611search0″,”turn403611search5”]}/>
Plaintiff Seeks Disclosure and Recovery of Financial Gains
Greenberg is asking the federal court to determine whether the financial benefits Trump allegedly received through the UAE-linked arrangements breached the Foreign Emoluments Clause.
The requested remedies include a detailed accounting of payments received by Trump and his businesses from foreign government-linked sources.
The plaintiff also seeks an order preventing the president from accepting prohibited foreign financial benefits without congressional consent.
Additional requests include disclosure of other cryptocurrency-related payments from foreign governments and recovery of any profits the court finds were obtained unlawfully.
The case places the financial relationships between US political leadership, UAE investment entities and cryptocurrency businesses under legal scrutiny.
Its outcome will depend on the court’s assessment of the constitutional claims, the plaintiff’s standing and the evidence supporting the alleged financial harm.
