Cryptoupdated 43m ago3 min read
Circle Shareholder J. Benjamin Greenberg Sues Donald Trump, World Liberty, Steve Witkoff Over UAE Crypto Deals
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Circle shareholder sues Trump over $2 billion UAE crypto deals violating Foreign Emoluments Clause. Also sues World Liberty Financial and Steve Witkoff.
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UAE-linked crypto suit filed
A Circle Internet Group shareholder, J. Benjamin Greenberg, sued President Donald Trump, World Liberty Financial, and U.S. envoy Steve Witkoff in federal court in Washington over alleged violations of the Constitution's Foreign Emoluments Clause tied to more than $2 billion in UAE-linked crypto deals.
The complaint targets a $500 million agreement for a 49% World Liberty stake backed by Sheikh Tahnoon bin Zayed Al Nahyan, and it also challenges MGX's $2 billion purchase of the USD1 stablecoin.
The lawsuit alleges the USD1 deal was a "scheme" to inflate the value of the president's crypto holdings, and it says Trump reported more than $1.4 billion in crypto-related income in his 2025 financial disclosure.
World Liberty spokesperson David Wachsman rejected the claims, saying, "World Liberty Financial is compliant with all US laws and regulations," and the company said the case is without merit.
Circle said it did not authorize the filing, with a company spokesperson stating, "Circle did not initiate, direct, authorize, or participate in the filing."
Competing stablecoins at issue
The lawsuit frames the alleged foreign payments as a competitive threat to Circle, which is the fintech company behind the stablecoin USDC. Greenberg alleges that foreign money routed through World Liberty Financial's USD1 left Circle "unable to compete" in the stablecoin market with its USDC, and he argues the pathway was created for foreign governments to funnel money using USD1. The complaint also cites that a Tahnoon-backed entity agreed to buy a 49% stake in World Liberty for $500 million days before Trump's January 2025 inauguration, and it says Trump would receive millions after taking office.
The suit further alleges that an Abu Dhabi investment fund chaired by Tahnoon used World Liberty's USD1 stablecoin to settle a $2 billion investment in Binance, and it describes the conduct as "corruptly" profiting from the deals. White House spokesperson Anna Kelly told CNBC that the case is "yet another frivolous lawsuit" and said there are "no conflicts of interest."
What the plaintiffs seek next
Greenberg is suing derivatively on Circle's behalf, and he asks a federal court to declare that Trump's profits violate the Constitution and to order him to return illegal gains. The complaint seeks disclosure of any other foreign crypto emoluments and an accounting of the billions in payments from foreign states to the president and his businesses, according to the allegations described in the coverage. Matt Pelikan, an attorney at Evergreen Legal representing Greenberg, said, "We're suing to stop the corruption and to force President Trump to return the profits to American taxpayers," and he tied the case to the alleged diversion of business from Circle.
World Liberty's counsel, Bill Burck of Quinn Emanuel, said the filing is based on media reports, calling it, "This sounds more like a partisan press release than a lawsuit," and he argued anyone can file a lawsuit in America. The dispute lands as Trump reported more than $1.4 billion in crypto income in his 2025 financial disclosure, and as World Liberty's USD1 and Circle's USDC remain central to the stablecoin market described in the lawsuit's competitive framing.
