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The federal complaint filed in U.S. District Court in Washington by J. Benjamin Greenberg, a shareholder and former employee of stablecoin issuer Circle Internet Group, centers on two transactions with ties to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser. One deal involved an entity backed by the sheikh acquiring a 49 percent stake in World Liberty Financial for $500 million days before Trump’s January 2025 inauguration, according to the lawsuit. The filing further details an Abu Dhabi investment fund chaired by Tahnoon purchasing $2 billion of the Trump family venture’s USD1 stablecoin, which the suit claims was structured to inflate the value of the president’s crypto holdings and divert business from Circle’s competing USDC product.
Greenberg alleges in the complaint that Trump has received millions of dollars in payouts from the stake sale since taking office, in direct violation of the Foreign Emoluments Clause barring presidents from accepting benefits from foreign governments without Congress consent. Trump’s 2025 financial disclosure reported more than $1.4 billion in income from crypto ventures including over $520 million tied to World Liberty Financial, the lawsuit noted. The action also names Steve Witkoff, Trump’s special envoy to the Middle East, as a defendant and seeks compensatory and punitive damages along with disclosure of any additional foreign emoluments.
A report on the filing from Bitcoin Magazine highlighted how the plaintiff described the dealings as unconstitutional profits that harmed Circle investors through illegal competition in the stablecoin market. The lawsuit states that the second transaction dramatically expanded circulation of USD1 overnight while handing Trump millions in interest payments. Greenberg further claims the arrangements involved Trump administration approvals for advanced AI chip sales to a Tahnoon-chaired Abu Dhabi firm and conditional backing for a Trump family co-owned trust bank with UAE government ties.
World Liberty Financial has pushed back against the accusations. A spokesperson for the company said in a statement that no one at World Liberty Financial works for the U.S. government and that the claims lack merit. The spokesperson added that the firm complies fully with U.S. laws and regulations and looks forward to resolving the matter in court.
The Foreign Emoluments Clause has formed the basis for prior legal actions against sitting presidents accepting overseas payments, according to constitutional analyses cited in the complaint. World Liberty Financial is a decentralized finance project that Trump co-founded with his sons before distancing himself from operations upon assuming office in 2025. The president’s pro-crypto stance during the campaign drew substantial industry support even as lawmakers have raised questions about family business overlaps with official duties.
The White House has characterized the allegations as recycled political attacks from opponents. A separate statement from a company representative emphasized that Trump maintains no operational role with World Liberty Financial. The suit, which also demands return of any unlawfully obtained funds to U.S. taxpayers, arrives as stablecoin issuance continues to expand rapidly across global digital asset markets.
