Key Takeaways
- • J. Benjamin Greenberg, a Circle shareholder, filed a derivative civil complaint on October 22, 2026, in the U.S. District Court for the District of Columbia alleging violations of the Foreign Emoluments Clause by President Donald Trump, World Liberty Financial and others.
- • The complaint challenges a $500 million agreement by a UAE-backed entity, linked to national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, to buy a 49% stake in World Liberty Financial, and a $2 billion Abu Dhabi fund investment in Binance settled using World Liberty's USD1 stablecoin.
- • Greenberg alleges Trump received more than $75.5 million in post-inauguration proceeds from the equity transaction, and seeks an accounting of foreign-government payments, restrictions on future foreign payments without congressional consent, and return of unlawful profits.
- • Circle says it did not initiate, direct, authorize or participate in the filing, and World Liberty and the White House deny wrongdoing, with World Liberty counsel Bill Burck calling the suit "more like a partisan press release than a lawsuit."
Summary
J. Benjamin Greenberg, a former Circle software engineer who holds Circle equity, filed a civil complaint on October 22, 2026, in Washington federal court against Donald Trump, World Liberty Financial (WLF) and other defendants. The complaint alleges that arrangements tied to UAE interests delivered unconstitutional foreign benefits to the president in violation of the Foreign Emoluments Clause, which bars federal officeholders from accepting foreign-state benefits without congressional consent. Greenberg brings the case derivatively on Circle's behalf, alleging that foreign-linked business flowed to World Liberty at Circle's expense.
The complaint centers on two transactions. The first is a $500 million agreement by an entity backed by UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan to acquire 49% of World Liberty, reached before Trump's January 2025 inauguration. Greenberg alleges Trump subsequently received more than $75.5 million from the transaction after taking office. The second is a $2 billion investment in Binance by an Abu Dhabi investment fund chaired by Tahnoon, settled using WLF's USD1 stablecoin. The complaint characterizes the USD1 settlement as a scheme to inflate the value of Trump's crypto interests. The filing also cites a 2025 Commerce Department approval of advanced Nvidia AI chip sales to an Abu Dhabi AI company chaired by Tahnoon, and an August 2026 Treasury Department bureau conditional approval of a World Liberty trust bank co-owned by the Trump family and the UAE government.
The defendants include Trump, WLF, U.S. Middle East Special Envoy Steve Witkoff, WLF Holdco, Stablecoin Holdco and DT Marks DEFI LLC, the entity through which the Trump family holds and collects World Liberty revenue. Greenberg seeks a declaration that Trump's profits from the arrangements violate the Foreign Emoluments Clause, an accounting of payments from foreign governments to Trump and his businesses, disclosure of other foreign crypto-related emoluments, an order barring acceptance of foreign payments without congressional consent, and return of unlawful profits. His attorney, Matt Pelikan of Evergreen Legal, framed the recovery as returning unlawful profits to American taxpayers.
Circle has distanced itself from the action. A spokesperson said the company "did not initiate, direct, authorize, or participate in the filing," according to Quartz. World Liberty said Trump played no role in the 49% stake transaction, and spokesperson David Wachsman called the claims "without merit." White House spokesperson Anna Kelly called the action frivolous and denied conflicts of interest, while spokesperson Lauren Bis said Trump's assets are held in a trust. The White House maintains Trump acts in the public interest.
The complaint centers on two transactions. The first is a $500 million agreement by an entity backed by UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan to acquire 49% of World Liberty, reached before Trump's January 2025 inauguration. Greenberg alleges Trump subsequently received more than $75.5 million from the transaction after taking office. The second is a $2 billion investment in Binance by an Abu Dhabi investment fund chaired by Tahnoon, settled using WLF's USD1 stablecoin. The complaint characterizes the USD1 settlement as a scheme to inflate the value of Trump's crypto interests. The filing also cites a 2025 Commerce Department approval of advanced Nvidia AI chip sales to an Abu Dhabi AI company chaired by Tahnoon, and an August 2026 Treasury Department bureau conditional approval of a World Liberty trust bank co-owned by the Trump family and the UAE government.
The defendants include Trump, WLF, U.S. Middle East Special Envoy Steve Witkoff, WLF Holdco, Stablecoin Holdco and DT Marks DEFI LLC, the entity through which the Trump family holds and collects World Liberty revenue. Greenberg seeks a declaration that Trump's profits from the arrangements violate the Foreign Emoluments Clause, an accounting of payments from foreign governments to Trump and his businesses, disclosure of other foreign crypto-related emoluments, an order barring acceptance of foreign payments without congressional consent, and return of unlawful profits. His attorney, Matt Pelikan of Evergreen Legal, framed the recovery as returning unlawful profits to American taxpayers.
Circle has distanced itself from the action. A spokesperson said the company "did not initiate, direct, authorize, or participate in the filing," according to Quartz. World Liberty said Trump played no role in the 49% stake transaction, and spokesperson David Wachsman called the claims "without merit." White House spokesperson Anna Kelly called the action frivolous and denied conflicts of interest, while spokesperson Lauren Bis said Trump's assets are held in a trust. The White House maintains Trump acts in the public interest.
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