Circle Shareholder Sues Trump and WLFI, Alleging Profiteering Through UAE-Related Crypto Transactions

Odaily Sees: Joel Greenberg, a shareholder of Circle Internet Group and a former software engineer at the company, filed a lawsuit in a U.S. federal court on Thursday, accusing World Liberty Financial (WLFI), the crypto company co-founded by U.S. President Donald Trump and his family, of seeking profits through two UAE-related transactions in violation of the Foreign Emoluments Clause of the U.S. Constitution. The clause restricts the president from accepting money or other benefits from foreign governments without congressional approval.

The lawsuit states that the first transaction occurred before Trump's second term began, in which a 49% equity stake in WLFI was sold for $500 million, with the funds reportedly originating from the UAE, and that Trump earned millions of dollars from the deal after taking office. The second transaction involved an investment fund established by the UAE government purchasing $2 billion worth of the Trump family's digital currency. The plaintiff alleges that the transaction inflated the value of Trump's crypto holdings, brought him millions of dollars in interest income, and significantly expanded the circulating supply of his stablecoin. (Politico)