Schumer Proposes Anti-Corruption Bureau Amid Trump's $1.4 Billion Crypto Income
Senate Minority Leader Chuck Schumer has introduced legislation aimed at addressing concerns over President Donald Trump's crypto-related income, which he claims exceeds $1.4 billion in a single year. The proposed bill would consolidate three existing federal bodies into a new Anti-Corruption Bureau with subpoena and enforcement powers.
The bureau would oversee investigations, issue subpoenas, take enforcement actions, and publish public reports. A seven-member board, confirmed by the Senate, would run the bureau. The legislation also includes provisions for state attorneys general and private plaintiffs to pursue recovery of funds allegedly obtained through corruption.
Trump's 2025 financial disclosure shows crypto-related entries exceeding $1.4 billion, with Celebration Coins generating $635.1 million in royalties alone. World Liberty Financial contributed hundreds of millions more through token sales, equity transactions, and crypto wallet activity. The White House has denied any conflicts of interest, stating that Trump's investments are held in 'fully discretionary accounts managed by independent third-party financial institutions'.
The bill's sponsor, Senator Schumer, described the current system as a 'broken patchwork' and aims to address concerns over presidential financial entanglements with existing oversight agencies. The legislation has four Democratic sponsors but no Republican cosponsors, and it remains to be seen whether it will pass both chambers and survive a potential presidential veto.