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Schumer Introduces Bill to Create Anti-Corruption Bureau Targeting Trump Crypto Profits
Summary
- Schumer said he introduced a bill to create an independent anti-corruption agency that would investigate and prosecute federal corruption, including President Trump’s cryptocurrency business.
- The bill says Trump reported more than $2 billion in investment income in 2025, of which $1.4 billion was tied to cryptocurrency, and includes claims that the Trump family holds more than $1 billion in crypto funds linked to foreign governments.
- The bill comes as the CLARITY Act has emerged as a legislative factor, and its passage would require Republican support as well as more than a two-thirds vote of Congress to override a veto.
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Senate Democratic Leader Chuck Schumer has introduced legislation to create an independent anti-corruption agency that would investigate and prosecute corruption across the federal government, including President Donald Trump’s cryptocurrency business.
Cointelegraph reported on July 30 that Schumer introduced the Anti-Corruption Bureau Creation Act. If enacted, the new agency would have the power to investigate, enforce against and prevent corruption within the executive branch.
The bill states that Congress found Trump reported more than $2 billion in investment income in 2025, including $1.4 billion related to cryptocurrency. It also includes claims that the Trump family holds more than $1 billion in crypto funds linked to foreign governments.
At a Public Citizen forum, Schumer said the agency would have real enforcement power. It would be made up of seven bipartisan commissioners confirmed by the Senate, and the bill would create legal tools allowing private citizens and state governments to recover money lost to corruption. He added that the measure would consolidate the current fragmented oversight system into a single anti-corruption body capable of responding to corruption wherever it occurs.
The new agency would combine under one organization the functions of the Federal Election Commission, the Office of Government Ethics and the Office of Special Counsel. Senators Andy Kim, Alex Padilla and Jeff Merkley joined as co-sponsors.
The bill was introduced as controversy over potential conflicts of interest surrounding Trump’s cryptocurrency business has emerged as a factor in deliberations over the CLARITY Act, a U.S. digital-asset market structure bill. Even so, the measure would need Republican support to pass. If Trump were to veto it after it cleared both chambers, it would require support from more than two-thirds of Congress to become law.
The Senate has yet to schedule a vote on the CLARITY Act ahead of lawmakers’ month-long district work period. Coinbase Chief Executive Officer Brian Armstrong said a day earlier that the bill was "at the 1-yard line," and Senator Cynthia Lummis has also urged a prompt vote.
YM Lee
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