A lawsuit filed Thursday accuses President Donald Trump and his family's crypto company, World Liberty Financial, of illegally profiting from over $2 billion in digital currency deals, violating constitutional restrictions on foreign money. The federal civil complaint, brought by a Circle Internet Group shareholder, alleges that Trump and his company engaged in "corruptly profiting" through two major transactions involving Sheikh Tahnoon bin Zayed Al Nahyan, the national security advisor to the United Arab Emirates.
The lawsuit centers on a $500 million deal where an entity backed by Tahnoon bought a 49% stake in World Liberty days before Trump's inauguration in January 2025. Although the company claimed Trump had no involvement, financial disclosures revealed he received millions from the purchase. Additionally, the suit highlights a scheme by an Abu Dhabi-based investment fund chaired by Tahnoon to inflate the value of Trump's crypto holdings through a $2 billion purchase of World Liberty's stablecoin, USD1.
The lawsuit asserts that these actions violate the U.S. Constitution's Foreign Emoluments Clause, which prohibits federal officeholders from accepting money or gifts from foreign officials without congressional consent. "What President Trump did is brazenly corrupt. He's made millions from these deals by selling out the American people," said Matt Pelikan, an attorney at Evergreen Legal. The suit seeks to force Trump to disclose all foreign crypto emoluments and return any illegal profits.
World Liberty Financial has denied the allegations, stating it is compliant with all U.S. laws and regulations. The company's spokesperson, David Wachsman, called the claims "without merit." The White House and a spokesperson for U.S. Middle East Special Envoy Steve Witkoff, another defendant, did not immediately respond to requests for comment.