Key Takeaways
- • A federal civil lawsuit filed Oct. 22 by J. Benjamin Greenberg, a Circle Internet Group shareholder and former employee, accuses President Trump of "corruptly profiting" from crypto deals totaling more than $2 billion, according to CNBC.
- • The complaint alleges two "illegal foreign emoluments" tied to World Liberty Financial and UAE national security advisor Sheikh Tahnoon bin Zayed Al Nahyan, including a $500 million investment for a 49% stake shortly before Trump's January 2025 inauguration.
- • The suit alleges an Abu Dhabi investment fund chaired by Tahnoon sought to "inflate the value of President Trump's crypto holdings" through a $2 billion purchase of USD1, a stablecoin launched by World Liberty Financial in 2025.
- • The White House called the suit "yet another frivolous lawsuit"; spokesperson Anna Kelly said "There are no conflicts of interest."
- • Retail investors in the $TRUMP meme coin and Trump Media & Technology Group (NASDAQ: DJT) report steep losses, with Forbes estimating supporters are down about $7 billion; DJT shares have fallen about 61% in the past year.
Summary
President Trump and his family's crypto company, World Liberty Financial, face a federal civil lawsuit alleging they have "corruptly profiting" from digital currency deals totaling more than $2 billion. The complaint, filed Oct. 22, was brought by J. Benjamin Greenberg, a shareholder and former employee of Circle Internet Group, a publicly traded crypto company that competes directly with World Liberty Financial, according to CNBC. The suit alleges the president has violated constitutional restrictions on accepting money from foreign entities, centering on two alleged "illegal foreign emoluments" involving World Liberty Financial and UAE national security advisor Sheikh Tahnoon bin Zayed Al Nahyan.
According to the publisher's reporting, an entity with ties to Tahnoon invested $500 million in World Liberty Financial shortly before Trump's January 2025 inauguration, acquiring a 49% stake. That entity told The Wall Street Journal that Trump was not involved in the deal, but the president's financial disclosures show he received millions of dollars from the purchase after taking office for his second term. The suit also alleges an Abu Dhabi investment fund chaired by Tahnoon sought to "inflate the value of President Trump's crypto holdings" with a $2 billion purchase of USD1, a stablecoin World Liberty Financial launched in 2025.
A White House spokesperson, Anna Kelly, told CNBC the suit is "yet another frivolous lawsuit" that repeats a "tired narrative," and said "There are no conflicts of interest."
Retail investors are also voicing grievances. Trump and his family reportedly generated at least $2.2 billion in income last year, nearly four times what the president reported in 2024, much of it from supporters investing in ventures such as Trump Media & Technology Group and the $TRUMP meme coin. Forbes reported that Trump's supporters are collectively down an estimated $7 billion. The $TRUMP coin is down 72% over the past year, and Trump Media shares have lost about 61% of their value. Individual investors described significant losses, including one who invested $480,000 in the meme coin and suffered losses of $250,000 after selling most of his position, and another who saw a $205,000 Trump Media investment fall to about $30,000.
According to the publisher's reporting, an entity with ties to Tahnoon invested $500 million in World Liberty Financial shortly before Trump's January 2025 inauguration, acquiring a 49% stake. That entity told The Wall Street Journal that Trump was not involved in the deal, but the president's financial disclosures show he received millions of dollars from the purchase after taking office for his second term. The suit also alleges an Abu Dhabi investment fund chaired by Tahnoon sought to "inflate the value of President Trump's crypto holdings" with a $2 billion purchase of USD1, a stablecoin World Liberty Financial launched in 2025.
A White House spokesperson, Anna Kelly, told CNBC the suit is "yet another frivolous lawsuit" that repeats a "tired narrative," and said "There are no conflicts of interest."
Retail investors are also voicing grievances. Trump and his family reportedly generated at least $2.2 billion in income last year, nearly four times what the president reported in 2024, much of it from supporters investing in ventures such as Trump Media & Technology Group and the $TRUMP meme coin. Forbes reported that Trump's supporters are collectively down an estimated $7 billion. The $TRUMP coin is down 72% over the past year, and Trump Media shares have lost about 61% of their value. Individual investors described significant losses, including one who invested $480,000 in the meme coin and suffered losses of $250,000 after selling most of his position, and another who saw a $205,000 Trump Media investment fall to about $30,000.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.