According to ME News, on October 22 (UTC+8), Joel Greenberg, a former Circle software engineer and current holder of approximately 10,000 shares of Circle stock, filed a shareholder derivative lawsuit in a federal court in Washington, accusing Trump and World Liberty Financial of violating the U.S. Constitution’s Foreign Emoluments Clause by profiting from two cryptocurrency-related business transactions involving the UAE.
The complaint concerns the transaction involving the sale of a 49% stake in World Liberty Financial for $500 million and the purchase of $2 billion in stablecoins by an investment fund established by the UAE government. The plaintiff seeks court action to recover funds Trump received from these transactions, demands disclosure of additional payments from foreign cryptocurrency-related business activities, and requests damages.
As of the publication of this report, the White House, World Liberty Financial, and Circle have not responded to requests for comment. World Liberty Financial previously stated that Trump was not involved in the aforementioned equity transaction and currently holds no position in the company. (Source: Foresight News)
Former Circle engineer sues Trump and WLFI over UAE crypto deals
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Summary
A former Circle engineer filed a lawsuit in a Washington federal court on October 22, accusing Donald Trump and World Liberty Financial (WLFI) of profiting from cryptocurrency transactions linked to the UAE. The case focuses on a $500 million equity stake sale and a $2 billion stablecoin deal with a UAE-backed fund, allegedly violating the Foreign Emoluments Clause. The plaintiff seeks to recover Trump’s earnings and demands transparency regarding other foreign cryptocurrency payments. WLFI stated that Trump had no involvement in the equity deal and no longer holds any position. The MiCA (EU Markets in Crypto-Assets Regulation) framework may influence future liquidity and regulatory oversight in similar cases. No responses have been issued by the White House, WLFI, or Circle.
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