A Circle shareholder sues Trump and World Liberty Financial over UAE-linked crypto deals

J. Benjamin Greenberg, a shareholder in crypto company Circle Internet Group, sued President Donald Trump and World Liberty Financial on Thursday⁴. The suit alleges that two deals linked to the United Arab Emirates violated the Constitution⁵. It accuses Trump of breaching the Foreign Emoluments Clause¹⁰.

The lawsuit accuses Trump and World Liberty Financial of “corruptly profiting” from more than $2 billion in digital currency-related deals². It focuses on two business deals linked to the crypto firm³. The case was filed in Washington⁹, in federal court⁶. It alleges that both the president and the company unlawfully profited from crypto transactions involving the UAE⁹.

World Liberty Financial is the cryptocurrency venture Trump co-founded with his sons¹. It was launched in 2024 with members of the Trump and Witkoff families and operates the USD1 stablecoin⁸.

Why it matters to investors

The case puts legal questions over a crypto venture tied to the sitting president and his family^1,3. Its central claim is that the president profited from a foreign government through the firm’s business¹. The suit alleges that he and the firm sought personal gain through the UAE-linked deals¹⁰.

The plaintiff holds shares in a rival crypto company, so the suit pits one part of the industry against a venture co-founded by the president¹. World Liberty Financial runs a stablecoin, USD1, so the case touches an operating business in the digital-currency market⁸.

Accounts differ on the size of the deals at issue. Most coverage puts the figure at more than $2 billion^2,7, while another account describes $2.5B in UAE crypto deals⁶. The suit itself centres on two deals³.

What to watch

The first coverage of the filing did not include a response from Trump or World Liberty Financial^1,2. Their answer will show how they intend to contest the emoluments claim¹⁰.

Investors in the crypto sector will also watch whether the suit has any effect on World Liberty Financial’s business, including its USD1 stablecoin⁸. The suit was brought by a shareholder in Circle Internet Group rather than by a government body^1,4. It adds to scrutiny of a venture that the Trump and Witkoff families launched together in 2024⁸.