Circle shareholder and former employee J. Benjamin Greenberg filed a lawsuit against U.S. President Donald Trump on Thursday over alleged cryptocurrency corruption. The lawsuit names Trump, World Liberty Financial and U.S. Middle East Special Envoy Steve Witkoff as defendants. Circle operates the USDC stablecoin and ranks among the world's largest digital asset companies.
The lawsuit alleges that a member of the United Arab Emirates ruling family agreed to pay $500 million into Trump-backed World Liberty Financial. The lawsuit alleges that the arrangement directly violated the Constitution. The lawsuit further alleges that Trump and Trump's family established a cryptocurrency business after Trump returned to office and encouraged foreign states to channel payments to Trump through the business.
The lawsuit alleges that an investment fund established by Abu Dhabi's government gave Trump $2 billion through World Liberty Financial's USD1 stablecoin. The lawsuit alleges that Trump corruptly profited from $2 billion through the deals. The lawsuit characterizes the arrangements as a public official accepting money from a foreign power, despite the use of cryptocurrency terminology.
The lawsuit alleges that Trump granted the United Arab Emirates leadership access to advanced artificial intelligence chips in exchange for the crypto investment. The lawsuit also alleges that Trump pardoned a convicted felon in exchange for the investment. The lawsuit cites a February Wall Street Journal story that reported the deal.
World Liberty Financial is a decentralized finance project that Trump co-founded with Trump's sons. Trump ceased involvement in the project after taking office in 2025.
U.S. regulators are rapidly advancing rules favorable to cryptocurrency despite lawmakers blocking digital asset legislation backed by Trump last month. Several lawmakers withheld support for the draft Clarity Act because those lawmakers said Trump's family had made illicit profits from cryptocurrency ventures. Trump campaigned on supporting the cryptocurrency industry and received substantial financial backing from the industry. Some Washington lawmakers have criticized the profits Trump's family has made from digital asset ventures.
Trump and the White House have consistently denied conflicts of interest. In August, before the crypto Clarity Act vote, Trump said Democrats criticizing Trump's family cryptocurrency ventures had profited from stock trading.