Circle shareholder sues Trump, World Liberty and Steve Witkoff over crypto deals
According to a Circle shareholder, the US president’s “corruption” through USD1 left the company unable to compete with stablecoins, harming USDC.
According to a Circle shareholder, the US president’s “corruption” through USD1 left the company unable to compete with stablecoins, harming USDC.
A shareholder for Circle Internet Financial, the company behind the USDC (USDC) stablecoin, filed a lawsuit against US President Donald Trump, his family’s crypto company World Liberty Financial, affiliate entities, and US Special Envoy to the Middle East Steve Witkoff over a $2 billion deal between a foreign government entity and Binance.
In a Thursday filing in the US District Court for the District of Columbia, Circle shareholder J. Benjamin Greenberg alleged that Trump, Witkoff and World Liberty caused harm to Circle by creating a pathway for foreign governments to funnel money using the Trump family crypto company’s USD1 stablecoin. This “brazen corruption,” according to Greenberg, leaves Circle “unable to compete” in the stablecoin market with its USDC.
Greenberg reported holding 10,000 ordinary shares of Circle as part of his reasons for the lawsuit. He petitioned the court to declare that Trump violated the US Constitution’s Foreign Emoluments Clause through the crypto deals and to issue injunctions preventing the president and Witkoff from pursuing similar financial interests without Congress’ consent.