Trump Faces Lawsuit Over Alleged Profits From UAE Crypto Deals

President Donald Trump and World Liberty Financial face a lawsuit alleging that two UAE-linked crypto transactions improperly benefited the president and violated the Constitution’s Foreign Emoluments Clause.

J. Benjamin Greenberg, a Circle Internet Group shareholder and former employee, filed the case in Washington on Oct. 22 on Circle’s behalf. The suit also names U.S. Middle East Special Envoy Steve Witkoff and related entities.

The complaint alleges an entity backed by Sheikh Tahnoon bin Zayed Al Nahyan agreed shortly before Trump’s January 2025 inauguration to pay $500 million for a 49% stake in World Liberty. It also challenges a $2 billion transaction involving Abu Dhabi fund MGX, Binance and World Liberty’s USD1 stablecoin.

The Foreign Emoluments Clause prohibits federal officials from accepting benefits from foreign states unless Congress consents. Greenberg asks the court to declare the profits unlawful, require disclosure of other foreign crypto benefits and order the return of gains found illegal.

“We're suing to stop the corruption and to force President Trump to return the profits to American taxpayers,” Greenberg’s attorney Matt Pelikan said. World Liberty spokesperson David Wachsman called the claims meritless and said the company complies with U.S. laws. Circle said it did not initiate, direct, authorize or participate in the lawsuit.