Trump faces federal lawsuit over his questionable cryptocurrency empire

A Circle Internet Group shareholder has sued in federal court, accusing President Donald Trump of violating the Constitution's foreign emoluments clause through his family's crypto businesses. MS NOW reports those ventures earned more than $1.4 billion in 2025 while the administration favored crypto-friendly policies. Circle, a rival of World Liberty Financial, said it took no part in the filing.

The complaint centers on a large World Liberty stake sold, four days before Trump's inauguration, to an entity involving the United Arab Emirates' national security adviser, nicknamed the "Spy Sheikh." It also describes a $2 billion Binance investment by a UAE-backed firm that this official leads, made using World Liberty cryptocurrency.

The White House called the case frivolous and denied any conflicts of interest, while World Liberty rejected it and maintains that Trump was uninvolved with the company. Attorney Matt Pelikan, whose firm filed the suit, said the president's business dealings are corrupt and illegal. The filing arrives less than two weeks before the midterms, with polls showing most Americans suspect Trump of improper profit.

Summarized by PolitiKool from MS NOW’s reporting. Read the full story at MS NOW →