Update (July 30, 11:25 pm UTC): This article has been updated to include a statement from the White House.
Senate Minority Leader Chuck Schumer introduced legislation to create a new US government agency focused entirely on addressing corruption at the federal level, noting President Donald Trump’s gains from “various, and extremely lucrative, cryptocurrency ventures.”
In a Thursday notice, Schumer said that he had introduced a bill called the Anti-Corruption Bureau Creation Act, which, if passed, would have the authority to “investigate, enforce, and prevent executive branch corruption.” The text of the bill addressed Congress’ findings that Trump had disclosed earning more than $2 billion from investments in 2025, including $1.4 billion tied to crypto, and his family had more than $1 billion in a crypto fund tied to foreign governments.
In a Public Citizen forum describing the bill, Schumer described the anti-corruption agency as having “real teeth” with enforcement authority, and consisting of a bipartisan group of seven members to be confirmed by the Senate. The legislation also provided mechanisms for private citizens and state authorities to recover funds that Schumer said had been stolen from Americans “through corruption.“
“This new bureau is one where these institutions work in symbiosis, strengthening each other and eliminating barriers between them which often got in the way,” said Schumer. “It replaces a broken patchwork of watchdogs, none of which were built for this moment, with one, powerful anti-corruption agency, ready to act anywhere, anytime corruption strikes.”
Senator Chuck Schumer announcing the Anti-Corruption Bureau Creation Act on Thursday. Source: Public Citizen
Trump’s ties to the cryptocurrency industry have been a sticking point for many Democrats in Congress considering their support for a comprehensive market structure bill called the Digital Asset Market Clarity (CLARITY) Act. Although the White House agreed to certain ethics provisions in the bill, many lawmakers say the measures do not go far enough to address the president’s potential conflicts of interest.
Related: Ethics remain sticking point as crypto market structure bill goes to markup
Notably, the proposed anti-corruption agency would place the US Federal Election Commission, Office of Government Ethics and Office of Special Counsel “under one roof“ within the new bureau. In a statement to Cointelegraph, White House Principal Deputy Press Secretary Anna Kelly reiterated the administration’s position that there were “no conflicts of interest“ with Trump’s investments, which were “held in fully discretionary accounts managed by independent third-party financial institutions.“
Senators Andy Kim, Alex Padilla and Jeff Merkley cosponsored the bill with Schumer. The introduction of the bill also came the same week Senators Richard Blumenthal and Chris Van Hollen held a public forum to address Trump’s ties to the crypto industry.
The bill would require Republican support to pass in the US House of Representatives and Senate, where the party holds a slim majority. If it were to advance in both chambers before 2028, Trump could still veto the legislation and send it back to Congress, where it would need a two-thirds majority to override the president’s action.
Crypto bill is still under consideration in Senate
The US Senate has just over a week left before lawmakers break for a month-long state work period, leaving many scrambling to pass bills before the 2026 US midterms potentially complicate discussions on their return.
“The big question at this very minute is where the CLARITY Act stands,“ said former US Securities and Exchange Commission official John Reed Stark following his appearance at Blumenthal’s and Van Hollen’s Monday forum. “Of all the experts and political insiders I spoke with yesterday, not one could say for sure what happens this week with the CLARITY Act. There is enormous drama surrounding this legislation.“
As of Thursday, the Senate had not scheduled a vote on the bill, despite urging from many Republican lawmakers and industry leaders. Coinbase CEO Brian Armstrong said on Wednesday that the bill was at the “one-yard line,“ and Senator Cynthia Lummis, who has long advocated for the market structure legislation, has continued to push for a vote.
Magazine: Will the crypto lobby’s $189M campaign get CLARITY over the line?
