Shareholder Sues Trump Over Profits From Foreign Crypto Deals

WHO:

Cointelegraph - The lawsuit was brought by a Circle shareholder against President Trump, World Liberty, and Steve Witkoff.

CNBC - The plaintiff is J. Benjamin Greenberg, a Circle shareholder and former Circle employee. Circle Internet Group is a publicly traded U.S. crypto company and competitor of World Liberty Financial, the Trump family’s crypto business.

CNBC - The complaint concerns World Liberty and Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security advisor. Tahnoon is widely known as the “Spy Sheikh” because of his intelligence role.

CNBC - Bill Burck of Quinn Emanuel is counsel for World Liberty Financial. White House spokesperson Anna Kelly also commented on the lawsuit.

WHAT:

CNBC - A federal civil complaint accuses President Trump and his family’s crypto company of “corruptly profiting” from more than $2 billion in digital-currency-related deals and violating constitutional restrictions on accepting foreign money.

CNBC - The lawsuit alleges two “illegal foreign emoluments.” An entity backed by Tahnoon agreed to buy a 49% stake in World Liberty for $500 million. A Tahnoon-chaired Abu Dhabi investment fund also bought $2 billion of World Liberty’s USD1 stablecoin.

CNBC - The complaint alleges the stablecoin purchase was a “scheme” to “inflate the value of President Trump’s crypto holdings.”

Cointelegraph - A Circle shareholder alleges that Trump’s “corruption” through USD1 left Circle unable to compete with stablecoins and harmed USDC.

CNBC - World Liberty said Trump had no involvement in the stake-sale deal. Its counsel called the lawsuit “more like a partisan press release than a lawsuit” and said that anyone can file a lawsuit, “even a frivolous one.” Anna Kelly called it “yet another frivolous lawsuit” echoing Democrats’ “tired narrative” and said, “There are no conflicts of interest.”

WHERE:

CNBC - Greenberg filed the suit in U.S. District Court in Washington.

CNBC - The investment fund involved in the USD1 purchase is based in Abu Dhabi.

WHY:

CNBC - The lawsuit alleges the conduct violated the U.S. Constitution’s Foreign Emoluments Clause, which bars federal officeholders from accepting money or other gifts from foreign officials without congressional consent.

CNBC - The complaint states, “No president in American history has profited from his office so brazenly.”

HOW:

CNBC - According to Trump’s financial disclosures, he would receive millions of dollars from the $500 million stake purchase after becoming president.

CNBC - The complaint links the foreign-backed stake purchase and the fund’s USD1 acquisition to alleged financial benefits for Trump and World Liberty.

(UPDATED October 23, 2026 01:35 UTC)

A Circle shareholder has sued President Trump, his family’s crypto company, World Liberty Financial, and executive Steve Witkoff, alleging they profited from foreign deals worth more than $2 billion and violated the Constitution. J. Benjamin Greenberg, a former Circle employee, filed the federal complaint in Washington. It points to an entity backed by United Arab Emirates official Sheikh Tahnoon bin Zayed Al Nahyan agreeing to buy 49 percent of World Liberty for $500 million. Trump’s financial disclosures indicate he would receive millions from that deal after becoming president. The complaint also cites an Abu Dhabi fund’s $2 billion purchase of World Liberty’s USD1 stablecoin, alleging it was designed to boost the value of Trump’s crypto holdings. Greenberg says the transactions harmed Circle’s competing USDC stablecoin.