J. Benjamin Greenberg, a shareholder in Circle Internet Group, filed a federal lawsuit on Thursday against U.S. President Donald Trump and World Liberty Financial. He alleges that the $500 million sale of a 49% stake in World Liberty to an investment vehicle backed by a member of the UAE’s ruling family, along with Abu Dhabi-based MGX’s use of USD1 to fund a $2 billion investment in Binance, violated the Constitution’s Foreign Emoluments Clause. Greenberg claims the transactions gave Trump’s crypto business interests an unfair competitive advantage over Circle, whose USDC stablecoin competes with World Liberty’s USD1. World Liberty and the White House rejected the allegations, while Circle said it did not initiate, authorize or participate in the lawsuit. The case, Greenberg v. Trump, was filed in the U.S. District Court for the District of Columbia and remains unadjudicated.
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