A new federal lawsuit looks to drive a stake through the heart of Donald Trump and his family’s questionable cryptocurrency empire.

The Trump family’s crypto ventures brought in more than $1.4 billion in 2025, as his administration has pressed for crypto-friendly policies. This is part of why polling shows that most Americans think Trump is profiting from the presidency in illegal or unethical ways.

And in a lawsuit filed Thursday, a shareholder of Circle Internet Group — a competitor of the Trump family’s World Liberty Financial crypto company — accuses the Trump business of “corruptly profiting” off crypto deals and says the president has violated the Constitution’s foreign emoluments clause. (A spokesperson for Circle said the company “did not initiate, direct, authorize, or participate in the filing.”)

The lawsuit specifically cites the sale of a major stake in World Liberty to an entity involving the United Arab Emirates’ national security adviser — also known as the “Spy Sheikh” — four days before Trump’s inauguration. The suit also details how a UAE-backed firm led by that same official used World Liberty cryptocurrency to make a $2 billion investment in the crypto firm Binance.

The lawsuit comes as some crypto enthusiasts turn on Trump over his profiting off the industry while in office. The president and his representatives have always said his crypto investments are above board, with a White House spokesperson calling the new lawsuit “frivolous” and adding, “There are no conflicts of interest.” A World Liberty spokesperson called the lawsuit “without merit” and has previously said Trump had no role in the company.

Such claims are disputed by people like Protect Democracy’s executive director, Ian Bassin, who has argued that Trump’s crypto dealings are blatantly unconstitutional. And Matt Pelikan, a lawyer whose firm filed the lawsuit, said in a statement:

President Trump has turned his office into a source of private profit on a scale without precedent in American history. The President’s business dealings are not only corrupt, they are illegal.

This lawsuit only stands to fuel voters’ anger over government corruption: A recent Fox News poll showed nearly 9 in 10 voters as extremely or very concerned about corruption. So, with the midterms less than two weeks away, anything that stands to remind the public about Trump’s terrible track record on this issue seems like a threat to Republicans’ electoral hopes.

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