J. Benjamin Greenberg, owner of 10,000 common shares of Circle Internet Financial, filed a lawsuit against US President Donald Trump in the US District Court for the District of Columbia on October 22, 2026. The legal filing also targets World Liberty Financial, several of its affiliated entities, and US Special Envoy to the Middle East Steve Witkoff.
Greenberg’s lawsuit alleges that Trump and his associates damaged Circle’s business operations by opening a channel for foreign governments to transfer funds using World Liberty’s USD1 stablecoin. Through this capital transfer mechanism, Circle’s USDC stablecoin was allegedly unfairly disadvantaged in the digital asset market.
$2 Billion Flow from Abu Dhabi to Binance
The lawsuit’s primary focus centers on the movement of capital by Abu Dhabi-based entity MGX, which is affiliated with the United Arab Emirates royal family. In 2025, MGX deployed $2 billion into crypto exchange Binance using World Liberty’s USD1 stablecoin.
Gulf region capital involvement in the World Liberty ecosystem was not limited to the Binance transaction. According to a February report by The Wall Street Journal, another investment vehicle under Sheikh Tahnoon bin Zayed Al Nahyan agreed to acquire a 49% stake in World Liberty valued at $500 million.
Constitutional Clause Claims and Congressional Approval
Facing these cross-border transactions, the plaintiff is asking the court to rule that the crypto arrangements violate the Foreign Emoluments Clause of the US Constitution. This foundational provision bars public officeholders from accepting profits or payments from foreign states without congressional approval.
Beyond seeking a ruling on constitutional violations, Greenberg is requesting a formal court injunction. This injunction is intended to prevent Trump and Witkoff from carrying out similar transactions involving foreign government funds without official consent from Congress.
Circle Distances Itself from Lawsuit
Although the lawsuit was brought by one of its shareholders to protect USDC’s commercial interests, Circle’s corporate management quickly distanced itself. A Circle spokesperson emphasized that the USDC issuer did not initiate, direct, authorize, or participate in the individual lawsuit filed by Greenberg.
World Liberty was founded by Donald Trump alongside his three sons and Zach Witkoff, son of Steve Witkoff. A report from Public Citizen noted that Trump’s crypto ventures generated roughly $1.4 billion in personal revenue in 2025. Greenberg is now looking to test these multi-billion-dollar deals before a federal judge, while Circle as a corporate entity has opted not to get involved in the legal clash.
Reported via Cointelegraph.
Also read: Utah Sues Kalshi to Return $60 Million Profit - Implicating Two Susquehanna Firms
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
