A Circle Internet Group shareholder has sued President Donald Trump and World Liberty Financial (WLF), the crypto venture he co-founded with his sons. Benjamin Greenberg filed the derivative complaint on Thursday, October 22, in the U.S. District Court for the District of Columbia, seeking to recover damages on Circle’s behalf.
Greenberg alleges that Trump violated the Foreign Emoluments Clause by taking payments from a foreign government without congressional approval, through two WLF deals with the United Arab Emirates. The first is the sale of a 49% stake in WLF for $500 million to an investment vehicle backed by a member of the UAE’s ruling family. The second is Abu Dhabi’s MGX fund buying WLF’s stablecoin to fund a $2 billion transaction. Greenberg also argues that WLF’s competition with Circle in the stablecoin market has harmed Circle shareholders.
The suit seeks an order blocking violations of the clause, disgorgement of alleged illegal profits and unspecified damages. Circle said it did not initiate, direct, authorize or participate in the suit. WLF called the claims “without merit” and said it complies with U.S. law. The Justice Department did not immediately comment.
These are allegations, not findings. Earlier emoluments suits against Trump during his first term did not recover money or stop the challenged practices. Separately, WLF is in a dispute with investor Justin Sun over frozen WLFI tokens.
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Sources:
- CNBC: Lawsuit accuses Trump of illegally profiting off foreign crypto deals
- The Spokesman-Review: Trump and crypto firm sued for profiting from foreign government
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