Shareholder sues Trump over crypto and office
A shareholder in crypto company Circle accuses the US president and his family business of unconstitutionally profiting from deals with the United Arab Emirates.
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A shareholder in Circle Internet Group has sued Donald Trump, his crypto company World Liberty Financial and envoy Steve Witkoff. In the civil case, he alleges that those involved profited from Trump's presidency through UAE-linked crypto transactions.
The case was filed on Thursday in the federal court in Washington. The claimant is Joel Greenberg, a shareholder and former software developer at Circle, the company behind the USDC stablecoin. According to the complaint, transactions by World Liberty Financial harmed Circle's interests.
According to the complaint, the case concerns transactions worth more than $2 billion involving parties from Abu Dhabi. The case focuses, among other things, on the sale of a stake in World Liberty Financial and the use of the USD1 stablecoin in an investment in crypto exchange Binance.
Greenberg is relying on the Foreign Emoluments Clause of the US Constitution. The provision restricts federal officials from accepting benefits from foreign states without Congress's approval. The complaint has yet to be substantively assessed by the court; the allegations are not established facts.
The legal structure is what is known as a shareholder derivative action. In such a case, a shareholder argues that directors or other parties involved have caused harm to the company and that the company itself has failed to take sufficient action. The procedure does not mean that Circle or Trump is criminally liable.
The case adds to earlier criticism of Trump's financial interests in cryptocurrencies. According to the Associated Press, his family holds a controlling interest in World Liberty Financial. According to the Associated Press, a state-backed investment vehicle from Abu Dhabi was previously involved in a transaction in which $2 billion in USD1 was used for a stake in Binance.
For US politics, the case touches on the question of whether a president may combine business activities with decisions concerning foreign governments and financial regulation. The proceedings may clarify whether such conflicts of interest can be examined under civil law. It is not known whether Trump or World Liberty Financial has substantively responded to this specific complaint.
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One story, several perspectives
What is established
- A Circle shareholder has brought a civil case against Donald Trump, World Liberty Financial and other parties involved.
- The complaint alleges that UAE-linked crypto transactions financially benefited Trump and his family business.
- The judge has not yet substantively assessed the allegations.
Left
Arguments A president should not be able to derive personal financial benefit from transactions with foreign governments or from policies affecting his own businesses.
Values Public integrity, equal application of the rules and limiting conflicts of interest.
Consequences Without stricter rules, trust in government and oversight of the crypto sector could decline further.
Centre
Arguments The case must first be tested legally. Transparency, independent oversight and a clear separation between public power and private interests matter more than political assumptions about guilt.
Values The rule of law, evidence and institutional oversight.
Consequences A court ruling could clarify which rules apply to presidential business interests without the issue being decided politically in advance.
Right
Arguments A president and his family may continue business activities as long as they are not demonstrably contrary to the law; a shareholder's complaint is not yet proof of abuse.
Values Property, entrepreneurship, government restraint and a strict burden of proof.
Consequences Overly broad interpretations of conflicts of interest could discourage legitimate innovation and entrepreneurs' participation in politics.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved with corrections · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The article's central point is confirmed by recent reporting and a second source. The legal allegations are consistently presented as claims; the original wording ‘sued’ has been clarified as a civil complaint.
- confirmed Joel Greenberg filed a civil case on 22 October against Donald Trump, World Liberty Financial and Steve Witkoff. — Mentioned in recent reporting on the proceedings. source
- confirmed Greenberg is a shareholder and former software developer at Circle. — Description of the claimant in the reporting. source
- confirmed The complaint concerns more than $2 billion in UAE-linked crypto transactions. — The amount and Abu Dhabi's involvement are mentioned in several recent reports. source
- confirmed The case relies on the Foreign Emoluments Clause. — The legal basis is mentioned in reporting on the complaint. source
- confirmed The allegations have not yet been established by a judge. — This concerns a newly filed civil case. source
1 correction(s) applied
- Was: Trump sued for abusing office for profit through cryptoNow: Shareholder sues Trump over crypto and office (This is a civil shareholder derivative action, not a criminal charge of abuse of office.)