Circle shareholder sues Trump over UAE-linked crypto deals

A Circle shareholder has sued President Donald Trump and World Liberty Financial, alleging that UAE-linked crypto transactions violated the Constitution’s Foreign Emoluments Clause and harmed Circle’s ability to compete in the stablecoin market. J. Benjamin Greenberg filed the case in federal court in Washington, D.C. The complaint alleges that transactions involving foreign-linked investment and World Liberty’s USD1 stablecoin gave Trump’s crypto venture an unfair competitive advantage over Circle, whose USDC stablecoin competes with USD1. The allegations have not been adjudicated. The complaint centers on two transactions: a reported $500 million purchase of a 49% stake in World Liberty by an investment vehicle backed by a member of the UAE ruling family, and MGX’s reported $2 billion investment in Binance using USD1. Greenberg alleges that the transactions involved foreign-government benefits that violated the constitutional clause, which restricts federal officeholders from accepting such benefits without congressional approval. Greenberg claims the deals diverted business from Circle. The complaint estimates Circle’s annual competitive losses at $70 million to $82...