Schumer Unveils Plan for Federal Anti-Corruption Agency Amid Trump Crypto Concerns
While the Senate deliberates on cryptocurrency market structure legislation, Chuck Schumer has put forward a new bill designed to "stop presidents from cashing in on public office."
Chuck Schumer, serving as Senate Minority Leader, has put forward new legislative measures aimed at establishing a federal government agency dedicated exclusively to combating corruption at the highest levels, specifically citing President Donald Trump's financial benefits from "various, and extremely lucrative, cryptocurrency ventures."
According to a Thursday announcement, Schumer revealed his introduction of the Anti-Corruption Bureau Creation Act, a piece of legislation that would grant the new entity powers to "investigate, enforce, and prevent executive branch corruption" if it becomes law. The legislative text highlighted Congress' determination that Trump had reported generating over $2 billion from various investments in 2025, with $1.4 billion connected to cryptocurrency holdings, while his family controlled more than $1 billion in a crypto fund with ties to foreign governments.
During a Public Citizen forum where he outlined the proposed legislation, Schumer characterized the anti-corruption bureau as possessing "real teeth" backed by enforcement capabilities, and structured as a bipartisan commission of seven members requiring Senate confirmation. The proposed law also established pathways for ordinary citizens and state-level authorities to reclaim assets that Schumer claimed had been misappropriated 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. 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
The president's connections to the digital currency sector have emerged as a contentious issue for numerous Congressional Democrats as they evaluate whether to support the comprehensive Digital Asset Market Clarity (CLARITY) Act focused on market structure. While the administration has accepted certain ethics-related provisions within the legislation, a significant number of lawmakers contend these safeguards are insufficient to properly address the president's possible conflicts of interest.
Under the proposed framework, the new anti-corruption bureau would consolidate the US Federal Election Commission, Office of Government Ethics and Office of Special Counsel "under one roof" within the newly created agency. Cointelegraph attempted to contact the White House seeking commentary on the introduced legislation but had not received a response at the time of publication.
For the legislation to become law, it would necessitate Republican backing to clear both the US House of Representatives and Senate, where Republicans maintain a narrow majority. Should the bill manage to advance through both legislative chambers prior to 2028, Trump retains the power to veto the measure and return it to Congress, which would then require a two-thirds supermajority to overturn the president's veto.
Crypto bill is still under consideration in Senate
With just over a week remaining before the US Senate enters a month-long state work period, legislators find themselves rushing to advance pending bills ahead of the 2026 US midterm elections, which could potentially complicate legislative discussions upon their return.
The big question at this very minute is where the CLARITY Act stands. 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.
John Reed Stark, former US Securities and Exchange Commission official
By Thursday, Senate leadership had yet to place the bill on the voting calendar, notwithstanding considerable pressure from numerous Republican legislators and cryptocurrency industry representatives. Brian Armstrong, serving as Coinbase CEO, stated on Wednesday that the legislation had reached the "one-yard line," while Senator Cynthia Lummis, a longtime champion of the market structure bill, has persistently advocated for bringing it to a vote.