Lawsuit accuses Trump of illegally profiting off foreign crypto deals
What happened
- A shareholder and former Circle employee sued President Donald Trump, World Liberty Financial and others, alleging illegal foreign emoluments tied to crypto transactions.
- The complaint alleges an entity backed by UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan agreed to buy 49% of World Liberty for $500 million.
- The lawsuit also alleges an Abu Dhabi fund chaired by Tahnoon bought $2 billion of World Liberty’s USD1 stablecoin to inflate Trump’s crypto holdings.
Why it matters
The case could affect scrutiny of presidential conflicts of interest, foreign capital in politically connected crypto businesses and regulatory risk for digital-asset companies. Circle said it did not authorize or participate in the filing, while World Liberty called the claims meritless.
What to watch. The lawsuit will proceed in U.S. District Court in Washington; the plaintiff is seeking a ruling that the profits violate the Constitution, disclosures of other foreign crypto emoluments and return of any illegal profits.
Deal terms
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Timeline
- First reported by CNBCOct 22Lawsuit accuses Trump of illegally profiting off foreign crypto deals
- Bloomberg reportsOct 22Trump and Crypto Firm Sued for Profiting From Foreign Government
Who is involved
Sources (2)
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