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Circle reportedly says it did not authorize the derivative suit filed on its behalf, which accuses Trump of taking foreign emoluments through World Liberty Financial.

Former Circle employee says WLFI took business from USDC

Posted October 23, 2026 at 6:15 am ET.

A longtime Circle shareholder filed suit against President Donald Trump on Thursday, alleging that two UAE-linked deals with his family’s crypto firm, World Liberty Financial, violated the Constitution’s Foreign Emoluments Clause and pulled stablecoin business away from Circle’s USDC.

J. Benjamin Greenberg, a software engineer who worked at Circle from 2016 to 2018 and holds 10,000 of its shares, brought the case derivatively, on Circle’s behalf rather than his own, in the U.S. District Court for the District of Columbia. Circle has reportedly distanced itself from the filing. “Circle did not initiate, direct, authorize, or participate in the filing,” a company spokesperson was quoted as saying by CNBC.

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The Two Deals The first deal dates to Jan. 16, 2025, four days before the inauguration, when Aryam Investment 1 agreed to pay $500 million for a 49% stake in World Liberty. The complaint links Aryam to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser. It says $187 million of the upfront half went to two Trump family entities and, drawing on the president’s 2025 financial disclosure, alleges about $75.5 million more reached them after he took office.

The second involves MGX, an Abu Dhabi investment firm Tahnoon chairs, which completed its $2 billion investment in Binance using USD1, World Liberty’s then-new stablecoin.

The Case for Circle The suit argues that USD1 competes head to head with USDC, and that both issuers live off interest on their reserves, which made up about 96% of Circle’s 2025 revenue. “Every dollar of stablecoin steered to the President’s stablecoin, USD1, is a dollar that does not earn reserve income for Circle,” the complaint states. It puts Circle’s lost income at roughly $70 million to $82 million a year on the MGX money.

Greenberg asks the court to declare the payments unconstitutional, bar Trump from taking more without congressional consent, order an accounting and send the proceeds to the U.S. Treasury. He also seeks damages from World Liberty. Middle East Special Envoy Steve Witkoff, a World Liberty co-founder, and four Trump-linked holding companies are also named.

“These claims are without merit and we look forward to resolving them in court,” World Liberty spokesperson David Wachsman was quoted as saying by Politico. White House spokesperson Anna Kelly reportedly called it “yet another frivolous lawsuit” and said “there are no conflicts of interest.”

Trump’s financial disclosure for 2025 showed about $1.4 billion in crypto earnings, from his memecoin, World Liberty and the venture’s stablecoin business, Unchained reported.

The Aryam stake stayed private until the Wall Street Journal reported it in January 2026.

Related Listen: Why Did Hunter Biden Launch a Meme Coin? Partly to Troll Trump

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

A longtime Circle shareholder has taken President Donald Trump to court. The claim is that two UAE-linked deals with his family’s crypto venture violated the Constitution and cost Circle real money.

The suit was filed Thursday. It targets the President and World Liberty Financial, and it centers on the Foreign Emoluments Clause. The plaintiff argues the deals steered stablecoin business away from Circle’s USDC, at an estimated annual cost of $70 million to $82 million.

What the lawsuit alleges The case was filed in the US District Court for the District of Columbia. Trump is named in his official capacity. World Liberty Financial LLC and its affiliates are also defendants.

The complaint also reaches Steve Witkoff, the US Special Envoy to the Middle East.

Two transactions sit at the heart of the case.

The first is a $500 million sale of a 49% stake in World Liberty. The buyer was an entity associated with Sheikh Tahnoon bin Zayed Al Nahyan. The second came later: Abu Dhabi’s MGX fund made a $2 billion purchase of World Liberty’s USD1 stablecoin.

The plaintiff’s core argument is a competitive one. These deals allegedly handed World Liberty’s stablecoin operation an unfair edge, particularly in access to capital. Circle’s USDC is said to have come out the loser.

The complaint seeks compensatory damages and punitive damages. It also asks for declarations that the alleged constitutional violations took place.

The Emoluments Clause, briefly The Foreign Emoluments Clause bars federal officeholders from accepting payments or benefits from foreign governments without congressional consent. This lawsuit argues that money tied to Abu Dhabi flowing into a Trump family business fits that description.

The plaintiff is a shareholder in a direct commercial rival. That shareholder says the alleged violation hit a specific balance sheet. The estimated $70 million to $82 million in yearly losses is the plaintiff’s figure. It has not been tested in court.

Background: a family business in a crowded market World Liberty Financial was co-founded in 2024 by Trump and his sons. Its USD1 stablecoin competes head-to-head with Circle’s USDC. USDC is the more established dollar-pegged token of the two.

Stablecoins are crypto tokens designed to hold a steady value, usually one US dollar. Issuers earn money largely on the reserves backing those tokens. More tokens in circulation means more reserves, and more reserves mean more income. A single $2 billion purchase is therefore a meaningful prize in this business.

Trump’s reported earnings from crypto ventures exceeded $1.4 billion in 2025, according to his financial disclosure. World Liberty in particular has attracted significant foreign investment.

What this means For now, everything in the complaint is an allegation. The case has not gone to trial. The defendants have not substantially responded in court. Expect motions to dismiss before anyone argues the merits, likely starting with standing and the President’s official-capacity status.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.

16h39 ▪ 5 min read ▪ by Lydie M.

Summarize this article with:

Donald Trump and World Liberty Financial face a new lawsuit concerning their crypto activities. J. Benjamin Greenberg, a shareholder of Circle, claims that two crypto operations linked to the United Arab Emirates allowed the president and his companies to illegally benefit from foreign payments. The contested transactions represent 2.5 billion dollars: 500 million for 49% of World Liberty and 2 billion invested in Binance via the stablecoin USD1.

In brief A Circle shareholder is suing Trump and World Liberty Financial. Two crypto transactions linked to the UAE totaling 2.5 billion dollars are targeted. Circle distances itself from the lawsuit, while World Liberty denies the allegations. Two crypto deals worth 2.5 billion $ at the heart of the lawsuit The lawsuit was filed Thursday before a federal court in Washington. J. Benjamin Greenberg, a shareholder of Circle and former employee of the company, is suing Donald Trump, World Liberty Financial, multiple affiliated companies as well as Steve Witkoff, the U.S. special envoy to the Middle East.

The first crypto deal was already known. A few days before Trump’s inauguration in January 2025, a company supported by Sheikh Tahnoon bin Zayed Al Nahyan had agreed to buy 49% of World Liberty for 500 million dollars.

Tahnoon is the National Security Advisor of the United Arab Emirates. Half of the price, or 250 million dollars, was to be paid immediately. Previously published financial documents indicated that a significant portion of this amount was to be returned to entities linked to the Trump family.

The lawsuit claims that Donald Trump then received income related to this operation after his return to the White House. No court has yet established that this income was illegal.

USD1 and Binance put crypto back at the center of the case The second transaction involves MGX and Binance. In 2025, the Abu Dhabi fund invested 2 billion dollars in Binance. The operation was carried out with USD1, the stablecoin launched by World Liberty Financial. The choice of this stablecoin had significantly increased its visibility in the crypto ecosystem. Binance has since further developed its ties with USD1.

Greenberg believes that this transaction financially benefited World Liberty at the expense of Circle, the company behind USDC. Therefore, the lawsuit takes the form of a derivative action. Greenberg is acting as a shareholder and seeks to obtain reparations on behalf of Circle.

However, Circle distances itself. The company states that it did not initiate, direct, or authorize the procedure. The case also does not state that Trump personally received the 2 billion dollars invested in Binance. Instead, the plaintiff argues that choosing USD1 generated income and strengthened World Liberty’s crypto activity. The distinction is important.

Trump’s crypto activities now before the court The legal core of the lawsuit rests on the Foreign Emoluments Clause of the U.S. Constitution. This provision limits the possibility for a U.S. president to accept certain advantages from foreign governments without Congressional approval.

Greenberg asks the court to consider certain profits related to the contested crypto operations as prohibited foreign benefits. He specifically demands an accounting of the payments involved, the restitution of profits deemed illegal, as well as damages.

The case comes at a time when crypto already occupies an important place in Trump’s financial activities. His companies and investments linked to digital assets have greatly contributed to the growth of his fortune. World Liberty Financial denies the allegations. The company says it complies with U.S. laws and reminds that none of its employees work for the federal government. The White House also contests the existence of a conflict of interest. The court will now have to determine whether Greenberg can demonstrate harm to Circle and whether the income from these crypto operations can really fall under the constitutional clause.

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Lydie M.

Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TLDR:

The Circle shareholder lawsuit alleges that two UAE-linked transactions violated the Foreign Emoluments Clause and benefited Trump through World Liberty Financial.
The first transaction involved a $500 million agreement for a 49% stake in World Liberty days before Trump’s January 2025 inauguration.
The complaint also challenges a $2 billion Binance investment settled in World Liberty’s USD1 stablecoin, alleging it benefited Trump’s crypto interests.
Greenberg seeks alleged unlawful profits, additional disclosures and unspecified damages; Circle says it did not participate, while World Liberty rejects the claims.

The Circle shareholder lawsuit puts renewed scrutiny on the Trump family’s crypto business. Greenberg says two UAE-linked transactions violated the Foreign Emoluments Clause. J. Benjamin Greenberg, a former Circle employee and shareholder, filed the derivative complaint in federal court in Washington. He argues the deals benefited President Donald Trump and World Liberty Financial while exposing Circle investors to unfair competition. 

The complaint seeks alleged unlawful profits, disclosures about other foreign crypto payments, and unspecified damages. The court has not ruled on the claims. Circle says it had no role in the filing, while World Liberty rejects the allegations as meritless. 

Circle Shareholder Lawsuit Centers on Two UAE-Linked Deals
Greenberg filed the Circle shareholder lawsuit on behalf of Circle, the company behind USDC, a dollar-pegged stablecoin. The suit names Trump, World Liberty, U.S. Middle East special envoy Steve Witkoff, and four affiliated limited liability companies. It casts USD1, World Liberty’s dollar-backed stablecoin, as a direct competitor to USDC. In the Circle shareholder lawsuit, Greenberg says UAE-linked competition diverted business from Circle and harmed its investors. 

Derivative actions let shareholders pursue claims on a company’s behalf, rather than only for themselves. Greenberg’s filing says World Liberty’s stablecoin competition harmed Circle and its investors. Any recovery depends on a court accepting the claims.

The first transaction centers on a $500 million sale of a 49% stake in World Liberty. A vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan agreed to the purchase days before Trump’s January 2025 inauguration. Tahnoon is the UAE’s national security adviser. The complaint alleges Trump received financial benefits from the transaction after taking office. It describes the funding as foreign-state money flowing into a business linked to the president. 

The second deal involves a $2 billion investment in Binance by Abu Dhabi’s MGX fund, which Tahnoon chairs. The payment was made using USD1, according to reporting cited in the complaint. 

Greenberg argues the stablecoin transaction helped raise USD1’s profile and value, benefiting Trump’s interests in World Liberty. The Circle shareholder lawsuit frames both deals as alleged foreign benefits tied to Trump’s crypto holdings.

Greenberg Seeks Profit Recovery, Disclosure and Unspecified Damages
The Foreign Emoluments Clause bars federal officeholders from accepting benefits from foreign states without congressional consent. Greenberg asks the court to declare that Trump’s profits violated the restriction. He wants the court to order Trump to return gains it deems unlawful. He also seeks an accounting of foreign crypto-related payments and disclosure of other transactions. The suit requests damages but does not specify an amount. Those requests are allegations and remedies sought, not findings by a court. 

Circle said it did not initiate, direct, authorize, or take part in the case. The company emphasized that Greenberg filed as an individual shareholder. World Liberty spokesperson David Wachsman called the claims meritless and said the firm would address them in court. White House spokeswoman Anna Kelly described the case as frivolous and denied any conflict of interest. Witkoff’s representative had not responded to requests for comment, according to the report. 

The Circle shareholder lawsuit centers on UAE crypto deals amid scrutiny of Trump-family interests. Trump co-founded World Liberty Financial with his sons before taking office and stopped participating in the project in 2025. 

The lawsuit focuses on alleged financial benefits. It also points to U.S. approval of advanced AI chip exports to the UAE and Trump’s pardon of convicted Binance founder Changpeng Zhao. The filing alleges those actions intersected with the deals. The case is Greenberg v. Trump, 26-cv-03686, in the U.S. District Court for the District of Columbia. No judgment or ruling has resolved the claims.

A Circle shareholder has sued Donald Trump and World Liberty Financial ($WLFI) over a $2 billion Binance investment settled in the USD1 stablecoin by Abu Dhabi's MGX fund.

A Circle shareholder has filed a federal lawsuit against Donald Trump (@realDonaldTrump) and World Liberty Financial (@worldlibertyfi) $WLFI, challenging a $2 billion investment in Binance (@binance) made by an Abu Dhabi fund. The suit alleges the broader deals improperly benefited the US president.

What the complaint allegesJ. Benjamin Greenberg, a shareholder in Circle Internet Group and a former software engineer at the company, brought the case. , according to Bloomberg.

The complaint centres on two transactions tied to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser.

according to CNBC, as relayed by Quartz.

The suit also frames the matter as a competitive harm to Circle, the issuer of the $USDC stablecoin.

Responses from Circle, World Liberty and the White HouseCircle has distanced itself from the case.

On the White House side,

The case is The new case will test whether a shareholder claim built around stablecoin competition can fare differently.

Sources:

Bloomberg via Yahoo Finance: Trump and Crypto Firm Sued for Profiting From Foreign GovernmentQuartz: Circle shareholder sues Trump over $2 billion in UAE-linked crypto dealsCointelegraph: Circle shareholder sues Trump, World Liberty and Steve Witkoff over crypto deals

The Nasdaq notched its largest decline since June, as US stock markets reassess the sustainability of the AI boom.

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US President Donald Trump plans to draw national attention to a federal crackdown on international cryptocurrency scams targeting American citizens, as authorities respond to a surge in reported digital asset fraud losses.

White House to Unveil New Enforcement ActionsTrump is scheduled to join senior cabinet officials at an October 21 White House event focused on recent efforts to dismantle fraudulent overseas cryptocurrency investment websites and tackle online impersonation schemes. Sources familiar with the matter indicated that authorities will discuss both the recovery of assets and measures to deter similar criminal activity in the future.

This initiative continues a series of federal investigations into organized scam networks, with particular scrutiny on criminal operations based in Southeast Asia. Officials have targeted professional networks using sophisticated social engineering tactics to defraud US residents.

Federal enforcement agencies have recently seized fraudulent domains, halted transaction flows via suspicious wallets, and collaborated with international partners to close cross-border exploit operations. Authorities emphasize that their approach aims to both disrupt ongoing scams and recover lost funds for consumers.

Crypto Investment Fraud Hits Record $7.2 Billion in 2025The FBI’s 2025 Internet Crime Report confirmed that cryptocurrency-related investment fraud accounted for roughly $7.2 billion in consumer losses over the year, ranking among the largest categories of financial damage in the US cybercrime landscape.

More than one million internet crime complaints reached federal agencies in 2025, a 17% rise from the previous year. While these complaints span several cybercrime types, cryptocurrencies featured prominently in large-scale investment scams involving falsified platforms and manipulated profit records.

Many victims interact with fake investment sites or receive personalized outreach on messaging apps, where they are persuaded to deposit additional funds but discover they cannot withdraw purported profits.

Investigators have recovered significant sums, including $225 million in cryptocurrency linked to investment fraud. Experts say these scams often feature complex money-laundering methods and rely on convincing victims with fabricated account statements.

Trump Family Ventures, Conflict Claims, and Industry ResponseThe federal initiative comes alongside renewed questions over the Trump family’s own digital asset businesses, especially World Liberty Financial and its popular TRUMP meme coin. World Liberty Financial is a cryptocurrency financial services firm started by Trump’s business associates and family members, offering a range of digital asset products and the USD1 stablecoin token.

A June Reuters analysis estimated that Trump and his sons amassed at least $2.3 billion through cryptocurrency ventures between January 2025 and April 2026. Investors in these projects reportedly faced approximately $2.3 billion in combined losses during the same period. These figures refer to the business performance of the ventures and are not allegations of criminal activity against the Trump family.

World Liberty Financial’s growth and recent entry into financial services intensified public scrutiny, especially after the company obtained key banking approvals. Meanwhile, the White House denied any conflicts of interest, stating that policy decisions reflected the broader public good, not personal or family business interests.

Trump’s broader digital asset policy seeks to encourage crypto innovation while intensifying actions against cybercrime. This dual approach has drawn closer attention to the evolving regulatory environment for crypto businesses operating in the US.

The President’s pardon of Binance founder Changpeng Zhao in October 2025 further fueled debate over the administration’s alignment with major crypto players.

Commercial pressure remains high for World Liberty Financial, as it contends with recent stablecoin redemptions and market volatility affecting its USD1 token.

Mini dictionary: World Liberty Financial, a digital asset company established by associates of Donald Trump, operates in the cryptocurrency financial services sector and issues the USD1 stablecoin.

Metric20252026US Crypto Fraud Losses$7.2 billionN/ATrump Family Crypto Gains$2.3 billion*$2.3 billion*Investor Losses (Trump Ventures)$2.3 billion*$2.3 billion*

World Liberty Financial’s USD1 stablecoin has shed over $400 million in market capitalization over the past two weeks, driven by large redemptions on Ethereum and BNB Chain. 

On Monday, CoinGecko data showed USD1’s market capitalization at about $4.02 billion, down from $4.43 billion on Oct. 6. That’s a decline of approximately $401 million, or 9.1%. World Liberty Financial’s proof-of-reserves dashboard separately showed approximately $4.01 billion in reserves.

The decline extends a period of concentrated redemptions on Ethereum and BNB Chain, according to blockchain research firm Onchain Benchmark. The research platform found that nearly $200 million in BNB Chain redemptions originated from a single unidentified address, although they could not establish who controlled the funds or why they were redeemed.

Despite the redemptions, USD1 maintained its dollar peg throughout the period examined by Onchain Benchmark, trading between $0.998 and $1.000. Onchain Benchmark found no evidence of a sustained depegging event, indicating that the decline in circulating supply was not accompanied by a significant loss of the token’s dollar value.

USD1’s 30-day market cap chart. USD1 supply decline outpaces major stablecoins on Ethereum According to Onchain Benchmark, Ethereum accounted for $184.60 million in net USD1 redemptions across 63 token burns between Oct. 6 and Oct. 15. BNB Chain recorded $200.43 million across 12 burns. 

On Ethereum, more than 99% of tokens sent for redemption passed through a wallet labeled BitGo, USD1’s current issuer and custodian, while the BNB Chain transfers from the unidentified address were made in batches of $30 million to $50 million.

The reductions were not offset by new issuance on Solana, where USD1 supply remained unchanged at about $1.42 billion during the nine days reviewed by Onchain Benchmark.

“The next tests come with the change of issuer. When World Liberty’s trust company opens, it will take on a token whose size depends on the decisions of a few large holders, under a charter whose legal footing is being argued in court,” Onchain Benchmark said. “Whether fresh mints on Solana, or anywhere else, rebuild the total, or October marks the size USD1 carries into its new issuer, is the question the next weeks of supply data will answer.”

Transfers between Ethereum and BNB Chain totaled less than $1 million, according to the report, suggesting the missing supply wasn’t simply shifted between those networks. 

USD1’s supply contraction on Ethereum was steeper than that of several other US dollar-denominated stablecoins between Oct. 6 and Oct. 15. USD1 supply on the network fell 11.45%, compared with declines of 4.93% for USDe, 2.18% for USDC and 0.76% for circulating USDT. 

Magazine: Can the SEC and CFTC’s pro-crypto rules be overturned? Legal opinion

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Binance U.S., the U.S. arm of the top crypto exchange, is reportedly seeking to raise $100 million at a valuation of about $1 billion. Trump-backed World Liberty Financial, which has ties to the exchange, opted not to invest. Meanwhile, the U.S. arm is also considering expanding into areas such as prediction markets.

Binance U.S. Aims to Raise Fresh Capital at Nearly $1 Billion Valuation
According to a Bloomberg report, the U.S. arm of the top crypto exchange is looking to raise up to $100 million at a valuation of about $1 billion. The firm plans to use the capital to expand its crypto business in the country amid increased competition from other exchanges such as Coinbase, Kraken, Robinhood, and Gemini.

Trump-backed World Liberty Financial reportedly won’t participate in the private funding round despite being aware of it. This comes despite the company’s relationship with the top crypto exchange.

Binance holds a large share of World Liberty Financial’s USD1 stablecoin supply, and the exchange has run promotions involving the stablecoin. Furthermore, Abu Dhabi state-backed investment firm MGX invested $2 billion in the crypto exchange’s global arm last year using the USD1 stablecoin.

The U.S. arm previously raised $200 million four years ago at a pre-money valuation of $4.5 billion. However, its valuation dropped after the exchange settled with the Department of Justice (DOJ) over anti-money laundering charges.

As part of its expansion plans, Binance U.S. is reportedly looking to offer prediction markets and restore certain state money transmitter licenses. It is also considering tapping external liquidity, including from its global arm.

The planned fundraise also comes as the DOJ probes the exchange’s compliance with the 2023 settlement deal. As part of the deal, the Justice Department required the exchange to tighten its anti-money laundering rules and appoint external compliance monitors.

For more on crypto exchanges, check out Best Regulated Crypto Exchanges in the USA

Sneha Agrawal

With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Block of Fame, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.

Gold perpetuals on Aster DEX, settled in World Liberty Financial's USD1, are reportedly the exchange's third most traded market behind $BTC and $ETH.

Gold perpetual futures on @Aster_DEX, settled in @worldlibertyfi's $USD1 stablecoin, have become the third most traded asset on the exchange, according to a post from BSC News. The post cites data from @MSBIntel showing the contract traded roughly $6.7 billion over the past month, placing it behind only $BTC and $ETH.

The figures come from the social media post and the cited analytics account. We have not independently verified them.

How USD1 became the settlement assetThe gold market is part of a broader tie-up between Aster and World Liberty Financial.

The structure differs from most rivals. According to CryptoAdventure,

The relationship has since deepened. According to CryptoRank,

What it means for Aster and WLFIIf the reported volume holds, tokenized gold is now a core product on Aster rather than a side listing. It also gives $USD1 a concrete use case as a trading settlement asset.

Aster remains one of the larger venues in the sector. One October 2026 ranking put Measured against that monthly total, a $6.7 billion gold contract would represent a meaningful share of activity, though the two figures come from different sources and may use different methodologies.

Aster is also entering a crowded field. CryptoRank noted that Leveraged commodity products also carry high risk, and traders should check contract terms and liquidity before taking positions.

SourcesAster DEX Makes USD1 Sole Settlement for Commodity Perps (OurCryptoTalk)
Aster Launches USD1 Perp Markets for Stocks, Oil, and Gold Trading (CryptoRank)
Aster DEX Replaces Tether With USD1 for Gold, Silver, Oil Perps (Stocktwits)

2 min read

The London High Court (Shutterstock)Summary

DWF Labs subsidiaries DWF Maas and Falcon Digital sued cryptocurrency custodian BitGo in London, alleging it sold discounted FF and ESPORTS tokens before their three-month lock-up periods expired.The companies are seeking $114 million in damages, arguing that BitGo’s early sales caused the tokens’ prices to fall sharply.DWF said it raised the issue with BitGo in April and May but pursued legal action after the company did not provide an undertaking.DWF Labs subsidiaries DWF Maas and Falcon Digital are suing cryptocurrency custodians BitGo BTGO over an alleged breach of a token sale’s lock-up terms, the Financial Times reported on Friday.

The two investment subsidiaries of market maker DWF Labs allege they agreed to sell Falcon Finance tokens FF$0.1061 and ESPORTS tokens at a discount to BitGo, which would be subject to a three-month lock-up period, in a lawsuit filed in London’s High Court.

Private token sales are common in the digital asset industry as a means for issuers to raise capital for projects without worrying that buyers will immediately dump the tokens to make a quick buck.

British Virgin Islands-based DWF Maas and Panama-based Falcon Digital claim that BitGo breached its contracts by selling digital tokens before the agreed lock-up periods expired, causing their prices to fall.

FF fell from 8 cents at the start of the lock-up in early March, to around 7 cents by late April, while ESPORTS fell from about 28 cents in mid-March to 7 cents in early June. DWF is seeking $114 million in damages on the basis BitGo’s token sales resulted in direct losses through the fall in both tokens’ prices.

“The discount BitGo received was conditional on the tokens remaining locked, and they were moved to exchanges roughly two months before the first unlock,” DWF said, according to the FT’s report.

“We raised this with BitGo in April and May, and with no undertaking forthcoming, court action became necessary.”

DWF bought $25 million of WLFI tokens last year, the native asset of World Liberty Financial, the cryptocurrency project backed by President Donald Trump and his family.

The investment drew concern from some lawmakers in Washington, D.C. over DWF’s founder Andrei Grachev’s alleged links to Russia. Grachev was CEO of crypto exchange Huobi’s Russian arm between 2018 and 2019. Huobi has been sanctioned in various jurisdictions for helping Russia evade Western sanctions.

Neither DWF nor BitGo immediately responded to CoinDesk’s request for comment.

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12345678910The Definitive Stablecoin Landscape Series: Asia Pacific

The Definitive Stablecoin Landscape Series: Asia Pacific

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Sep 15, 2026

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Why it matters:

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

World Liberty Financial (WLFI) executives unveiled plans to bring USD1 stablecoin payments to major online businesses during a panel discussion at Token2049 in Singapore on Wednesday.

WLFI CEO Zach Witkoff and co-founder Zak Folkman took part in a stablecoin-focused panel discussion at the industry conference alongside Mesh co-founder and CEO Bam Azizi.

Azizi unveiled a partnership with WLFI that would enable USD1 holders to spend the stablecoin across the payment infrastructure provider’s merchant network. The rollout is planned for this quarter.

“Beyond the use of the World Liberty app itself, we are already in plans to roll out this exact same technology to some of the largest Web2 businesses that are in the marketplace,” Folkman said.

WLFI’s Zak Folkman speaks during a stablecoin panel at Token2049 in Singapore on Wednesday. Photo: Aubrey Paller/Cointelegraph

WLFI is a crypto venture backed by US President Donald Trump’s family. Its USD1 stablecoin is designed to maintain a value of $1 and is issued by BitGo, with reserves comprising cash, US government money market funds and other cash equivalents. 

The stablecoin’s market capitalization stood at $4.45 billion, at the time of writing, according to CoinGecko. 

WLFI seeks to take over USD1 issuanceIn August, the US Office of the Comptroller of the Currency (OCC) granted conditional approval for WLFI to establish a national trust bank intended to issue dollar-backed stablecoins and custody digital assets.

The move would allow it to take over USD1 issuance, according to Witkoff.

“Today we’re issuing through BitGo,” he said. “With this trust charter, we’ll be able to take on that responsibility ourselves.”

The charter approval drew criticism from Senator Elizabeth Warren, who alleged conflicts of interest involving the Trump family’s ties to WLFI. Warren and other senators have introduced the Ending Presidential Corruption in Banking Act in response.

The OCC said its leadership and staff had acted consistently with their statutory duties and ethical obligations when reviewing the application.

At the panel, Witkoff described the conditional approval as something WLFI had achieved “in spite of some of the attacks against us,” referring to criticism from the mainstream media and politicians.

Magazine: Stablecoins can drain from banks and nations at lightning speed

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2 hours ago

The Independent Community Bankers of America (ICBA), a banking lobby group that once opposed the CLARITY Act, recently sued the U.S. Office of the Comptroller of the Currency (OCC), arguing the regulator lacks legal authority to grant national trust charters to cryptocurrency firms. "Congress did not intend the national trust charter to serve as a backdoor for crypto companies to enter the banking system," said Rebeca Romero Rainey, CEO of ICBA. The OCC has approved trust charters for crypto firms including Coinbase, Circle, and Trump-linked World Liberty Financial.

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7 hours ago

Trump’s support among voters aged 18 to 29 has fallen from 43% to 19%. Some young crypto investors dismiss his crypto projects as profit-driven schemes, criticizing the TRUMP meme coin for exploiting crypto-savvy backers. Morten Christensen, an investor holding large volumes of TRUMP tokens, stated that Trump’s reputation is weaker than it was during his presidential campaign. He noted that when attending the second meme coin event held at Mar-a-Lago this year, the online response was markedly different from that of the first event in May 2025. Trump’s financial records show he has generated at least $500 million from token sales via World Liberty Financial. The project issues the USD1 stablecoin, which is pegged to the U.S. dollar, and boasts a market cap exceeding $4 billion. (Bitcoin.com News)

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Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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@worldlibertyfi has officially launched its on-chain governance staking program, anchored by a $1.25 million rewards pool denominated in its $USD1 stablecoin. The move marks the first concrete step in the project's broader push to align voting power with long-term token commitment.

How the Staking Program Works The first reward deposit is scheduled for October 2 between 8:00 and 9:00 AM ET, triggering a 180-day linear yield distribution. To qualify, participants must stake their unlocked $WLFI tokens in smart contract vaults for a minimum of 180 days.

The program also introduces a tiered structure for larger holders.

From Governance Vote to Live Product

Sources:
Crypto Briefing: World Liberty Financial launches WLFI staking with $1.25 million USD1 rewards pool
World Liberty Financial Governance Forum: WLFI Governance Staking System Proposal
Crypto.news: World Liberty Financial unveils staking-first governance model with USD1 incentives

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Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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World Liberty Financial Opens Live Vote on Staking Rewards@worldlibertyfi has put a governance staking program to a community vote, with results so far showing the $WLFI holder base almost evenly divided. As of the time of writing, early tallies stand at 48.8% in favour and 47.75% against. Voting closes on September 28.

Under the proposed program, The minimum activity requirement is designed to ensure that staking rewards flow only to genuinely engaged holders, not passive ones.

Variable Rewards, No Fixed RatePayouts carry no fixed rate. Instead, they draw from a pool funded by the World Liberty Financial treasury and fees generated through World Liberty Markets.

targeting a program launch of October 1, 2026 if it passes. to keep the participation requirement achievable.

The vote arrives as $WLFI governance has drawn broader scrutiny. The close result in this latest ballot may reflect growing pushback from smaller holders on that dynamic.

The outcome remains uncertain. With voting running until September 28 and the community split within a single percentage point, either side could still carry the result.

Sources:
Crypto Times: WLFI Launches Governance Proposal for Holder Voting Incentives
CoinDesk: WLFI governance voting power concentration

Trump-backed World Liberty Financial (WLFI) has proposed an incentive program for WLFI token holders, which the team is looking to launch by October 1. As part of the proposal, the team included key details, including how it is likely to fund the staking rewards pool to reward holders.

World Liberty Financial Proposes WLFI Incentive Program The WLFI team introduced the Governance Engagement Incentive Program, which it proposes to launch by October 1. The team noted that the proposal is a governance participation incentive to encourage tokens to remain aligned with participation in the project’s ecosystem for the long haul.

Specifically, the World Liberty Financial team has structured the program as a promotional campaign and plans to use promotional allocations and participation recognition to achieve their objective. They added that, if approved, the proposal will replace the ecosystem proposal the community approved earlier this year.

Meanwhile, the team revealed that the initial staking rewards pool may be funded from various sources, including amounts from ecosystem sources, which could include fees received from World Liberty Markets. They could also fund the staking rewards pool from additional ecosystem and marketing incentives allocated to the staking program.

This move comes as World Liberty Financial’s USD1 continues to gain ground in the stablecoin market. As CoinGape reported last month, OCC granted WLFI a conditional approval for its national trust bank charter application, as the crypto firm looks to custody the reserves for its stablecoin and issue the stablecoin under the GENIUS Act framework.

Community Already Voting In Favor Of WLFI Proposal The WLFI community is already voting in favor of the incentive program. At the time of writing, 60% of holders have voted in favor of the proposal, just over 37% have voted no, while 2.62% have abstained from the vote.

Meanwhile, the World Liberty Financial token is down even as the proposal passes. The token is currently trading at around $0.0573, down nearly 2% on the day, according to TradingView data.

Source: TradingView The WLFI token is also down over 8% in the last month, despite the broader crypto market rally during this period, with Bitcoin rallying to an 8-month high of $87,000 today. Other tokens have also recorded notable gains during this period.

For more on stablecoins, check out Best Stablecoin Infrastructure Provider Companies for Enterprises

@Aster_DEX has added a WLFI-USD1 spot trading pair, marking the latest step in its growing partnership with @worldlibertyfi, the decentralized finance platform behind the $USD1 stablecoin.

What Is USD1?

The addition of a dedicated spot pair for WLFI-USD1 extends that relationship into the exchange's spot markets.

Rewards Campaign and Trading Incentives Aster first adopted $USD1 as a settlement currency for perpetuals on traditional assets.

Sources
Aster Expands WLFI Collaboration, Launches USD1-Denominated Perpetual Markets (Unchained Crypto)
Aster and World Liberty Financial Launch USD1 RWA Boost Phase 1 (The Daily Hodl)
World Liberty Financial Plans to Launch USD1 (BusinessWire)

The CLARITY Act failed to advance in the US Senate on Tuesday, September 15, dealing a major setback to the crypto industry’s biggest regulatory push in years.

Senators voted 49-50 on a procedural motion to move forward with the bill. It needed 60 votes. The vote was on whether the Senate should begin considering the legislation, rather than final passage.

So why did it fail?

1. Democrats Wanted Trump to Sell Large Crypto Holdings
This became the biggest disagreement in the final hours.

Republicans made a major concession before the vote. Their final bill required senior officials with a “significant financial interest” in certain crypto companies to either sell that interest or place it in a qualified blind trust.

Democrats wanted to go further.

Their final counteroffer would have required officials with a “very large interest” in a crypto company to sell it, removing the blind-trust option for those holdings. Democratic negotiator Angela Alsobrooks said divestment was the major unresolved issue before the vote.

The difference is simple. Under the Republican proposal, an official could remain financially invested through a blind trust. Democrats wanted very large interests sold completely.

Crypto billionaires have spent nearly $300M on the midterm elections.

Meanwhile, Trump and his family have pocketed more than $1.4B from crypto deals.

Now the crypto industry wants Congress to do its bidding by passing the corrupt CLARITY Act.

The Senate must say NO.

— Bernie Sanders (@BernieSanders) September 15, 2026

2. Democrats Wanted the Rules to Cover Trump’s Children
The Republican bill covered senior elected officials, federal judges and their spouses. Democrats wanted the ethics restrictions expanded further, including to children of covered officials. 

That was particularly relevant because Donald Trump Jr., Eric Trump and Barron Trump have links to World Liberty Financial.

The Democratic counteroffer also sought tighter restrictions around paid crypto promotions.

Republicans rejected those additional changes on Tuesday morning. Sen. Cynthia Lummis’ office argued Democrats were repeating demands Republicans had already considered during months of negotiations.

Today, I voted no on the Clarity Act, legislation meant to regulate cryptocurrency in America.

The ethics provisions in this bill are simply too thin. President Trump, his children, and his Cabinet are making billions of dollars in the crypto space, in part from bilking everyday…

— Sen. Elissa Slotkin (@SenatorSlotkin) September 15, 2026

3. Democrats Still Had Concerns About Who Would Enforce the Rules
Republicans had already moved considerably on enforcement.

Earlier versions gave the US attorney general the main enforcement role. Democrats argued that created an obvious problem: a Justice Department controlled by the president could be responsible for enforcing ethics rules against that same president.

The final Republican bill gave state attorneys general a role in enforcement, one of the concessions President Trump accepted before the vote.

Democrats still argued that the mechanism left too much authority inside the federal administration and could make enforcement difficult in practice.

Hot take: Trump coin, World Liberty, USD1, and Melania coin are why CLARITY failed.

An unprecedented $1.3 billion pocketed. More than all past U.S. presidents made during their terms combined.

— Dennis Porter (@Dennis_Porter_) September 15, 2026

4. Banks and Crypto Companies Were Still Fighting Over Stablecoin Rewards
Ethics was the final major obstacle, but another fight remained unresolved.

Banks have warned that stablecoins paying rewards could pull deposits out of traditional banks. That could particularly hurt smaller community banks that rely on deposits to fund loans.

The final CLARITY draft gave the Treasury secretary temporary authority to restrict stablecoin rewards if they caused damaging deposit outflows.

Some lawmakers still wanted stronger protection for banks. Sen. Josh Hawley, one of the Republicans who opposed advancing the bill, raised concerns about community banks.

The CLARITY Act didn't advance in the Senate today, which was a disappointment. While it's possible bi-partisan conversations continue and it lives to fight another day, we can't wait on Congress anymore.

The SEC and CFTC have the tools they need to create clear rules under…

— Brian Armstrong (@brian_armstrong) September 15, 2026

5. Illicit Finance and DeFi Rules Were Still an Issue
Democrats also wanted stronger protections around money laundering, national security and illicit finance.

The latest Republican draft made changes to DeFi regulation and anti-money laundering requirements. However, lawmakers including Elizabeth Warren argued that more work was still needed.

These issues contributed to the wider disagreement, although divestment and presidential ethics were the clearest final sticking points.

Crypto Prices Fell Before the Vote Was Even Over
The reaction has been clearly negative, especially in assets most exposed to U.S. crypto regulation. Bitcoin fell more than 5% during Tuesday’s sell-off, while Coinbase and Circle shares fell as much as 10%. Ethereum dropped more than 6%, while XRP lost roughly 12% at one point.

Part of the decline began before the Senate vote.

Markets could see negotiations breaking down during the morning. That meant traders were already reducing risk before senators officially voted.

CLARITY was also only one source of pressure.

US Treasury yields climbed above 5%, oil prices surged above $100 and markets were preparing for a Federal Reserve interest-rate decision on September 16. Higher interest rates generally make risk assets such as crypto less attractive.

Will Crypto Prices Keep Falling?
Further losses are possible, although CLARITY alone may have already caused most of its immediate damage.

Dennis Porter, co-founder of Satoshi Action Fund, made this argument to BeInCrypto more than a month before the vote.

“I think failure is priced in right now,” Porter told BeInCrypto.

At the time, Polymarket gave CLARITY only around a 16% chance of becoming law in 2026. Porter argued that a failed vote could therefore have less impact on crypto prices than many investors expected.

He also said clear rules could encourage larger institutions to make longer-term crypto investments. He expected that benefit to appear gradually rather than produce an immediate Bitcoin rally.

So far, that argument has partly held up.

Bitcoin suffered a meaningful decline after negotiations collapsed, but there has been no CLARITY-driven market crash on the scale that might occur after a completely unexpected regulatory shock.

Assets more directly exposed to US crypto regulation were hit harder. XRP fell much more sharply than Bitcoin, while Coinbase suffered a double-digit decline.

The next major market driver is now likely to be the Federal Reserve.

If rates rise and the Fed signals further tightening, crypto could face more pressure. A softer message could instead help risk assets recover.

What Happens to the CLARITY Act Now?
The bill is stalled, but there is still a route to revive it.

September 15: The Senate failed to invoke cloture, with the vote ending 49-50.
Before October 5: Senators could reopen negotiations and attempt another procedural vote if Republicans and Democrats reach a new compromise.
October 5-November 6: The Senate is scheduled for a state work period covering the November 3 midterm elections.
After November 6: Congress could try again during the post-election session.
December 18: The Senate’s current schedule lists this as its target adjournment date.
January 2027: If Congress does not pass the legislation before the current Congress ends, lawmakers would have to introduce legislation again in the next Congress.

There is one important procedural detail.

Republican Sen. Thom Tillis switched his vote to “no” at the end of Tuesday’s vote, preserving a route to seek reconsideration later. That means another attempt remains possible if negotiators can find enough votes.

For now, the biggest question is whether Republicans and Democrats are willing to reopen the ethics negotiations.

Without a compromise on divestment and enforcement, CLARITY still does not have the 60 Senate votes it needs to move forward.

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Sen. Elizabeth Warren (D-Mass.) rejected the final CLARITY Act text on Monday, adding that it does nothing to stop President Donald Trump’s cryptocurrency profiteering.

Warren Says New Ethics Provisions Are WeakWarren dismissed the Republicans’ "final offer" on ethics provisions as a "weak fig leaf" that the “most corrupt President” in America’s history would endorse.

The senior Democrat argued that the proposed law wouldn’t work against Trump since it would give his “political appointees” the power to stop the ethics rules from being applied. 

Moreover, she said the bill contains “major loopholes” that could enable Trump to continue reaping profits from his cryptocurrency businesses, including World Liberty Financial (WLFI), a platform co-founded by his sons.

World Liberty Financial Under ScannerWarren pointed to World Liberty Trust Co. securing conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter.

“Donald Trump is now the first President in history to own and oversee his own bank. It may be the most brazen act of self-dealing our financial system has ever seen,” she said.

Warren, Ranking Member of the Senate Banking Committee, alleged the bank could serve as the financial hub of the President’s “web of corruption.”

She urged fellow Senators to pass her bill, the "Ending Presidential Corruption in Banking Act," and to reject the CLARITY Act, which she says would allow Trump to keep making billions from cryptocurrency.

The White House didn’t immediately return Benzinga’s request for comment. A response from World Liberty Financial is also awaited.

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All Eyes on TuesdayThis development comes amid ongoing negotiations on the key piece of cryptocurrency legislation.

The Democrats reportedly convened in Minority Leader Chuck Schumer’s (D-N.Y.) office Monday night to prepare their response to the GOP’s final CLARITY Act offer. 

Trending

Sen. Cynthia Lummis (R-Wyo.) said Republicans conceded to every Democratic demand and “there’s nothing left to give."

The bill is scheduled for its procedural vote on Tuesday. However, Polymarket put the odds of passage at just 19%.

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World Liberty Financial Unveils Token-Lock Rewards to Boost Governance Turnout