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.
A Circle shareholder has filed a lawsuit against former US President Donald Trump, his family's crypto company World Liberty Financial, and Steve Witkoff, alleging that their $2 billion deal with Binance harmed Circle Internet Financial and its USDC stablecoin. In a recent court filing, J. Benjamin Greenberg claimed that Trump, Witkoff, and World Liberty created a pathway for foreign governments to funnel money using the USD1 stablecoin, giving them an unfair advantage in the stablecoin market.
The lawsuit accuses the Trump family and World Liberty of "brazen corruption" that leaves Circle unable to compete with USDC. Greenberg, who holds 10,000 shares of Circle, seeks to declare the president's actions as a violation of the Constitution and order an accounting of the billions in payments from foreign states to the president and his businesses.
The White House and World Liberty have declined to comment on the lawsuit, with the White House spokesperson stating that Trump has no conflicts of interest with his crypto investments.
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