Trump, World Liberty Financial Sued Over Alleged Foreign Emoluments Violations

Donald Trump and World Liberty Financial, the crypto venture he co-founded with his sons, were sued Thursday by a Circle Internet Group shareholder alleging the president illegally profited from foreign governments in violation of the U.S. Constitution. Benjamin Greenberg, a Circle shareholder, filed the derivative complaint in federal court in Washington, claiming World Liberty's competition in the stablecoin market harmed Circle investors. The suit alleges Trump violated the Foreign Emoluments Clause through two World Liberty transactions with the United Arab Emirates: the $500 million sale of a 49% stake to an investment vehicle backed by a member of UAE's ruling family, and Abu Dhabi's MGX fund purchase of World Liberty's USD1 stablecoin to fund a $2 billion transaction. Trump reported $1.4 billion in earnings tied to his crypto ventures last year. A Circle spokesperson said the company did not initiate or participate in the filing. World Liberty spokesperson David Wachsman called the claims "without merit," saying the firm complies with all U.S. laws. The case is Greenberg v. Trump, 26-cv-03686.