Donald Trump and World Liberty Financial, the cryptocurrency venture he co-founded with his sons, were sued by a shareholder in a rival crypto firm over claims the president illegally profited from his office in violation of the US Constitution.
The suit claims Trump violated the Foreign Emoluments Clause, a provision of the US Constitution that bars presidents from taking payments from foreign governments without the approval of Congress, in two World Liberty transactions with the United Arab Emirates.
“No president in American history has profited from his office so brazenly. The revelation drew a backlash from Democrats in Congress and has been blamed in part for the failure of the Clarity Act, which was supposed to establish market-structure rules for the crypto industry. “No one at World Liberty Financial works for the US government.
Trump reported $1.4 billion in earnings related to his crypto ventures, including World Liberty, last year.
“This action is about the President of the United States corruptly profiting from more than $2 billion in payments from a foreign government in direct violation of the Constitution,” Greenberg said in a complaint filed Thursday in federal court in Washington. “World Liberty Financial is compliant with all US laws and regulations,” David Wachsman said in a statement. A White House spokesperson said “there are no conflicts of interest” for the president. “This is yet another frivolous lawsuit that echoes the same, tired narrative that Democrats have pushed against President Trump, his family, and his administration for a decade,” Anna Kelly said in a statement.
