Schumer Seeks Agency to Tackle Corruption in Crypto Ventures

US Senate Minority Leader Chuck Schumer has introduced legislation to create a new government agency focused on addressing corruption at the federal level. The Anti-Corruption Bureau Creation Act would have the authority to investigate, enforce, and prevent executive branch corruption.

Schumer noted that President Donald Trump's gains from 'various, and extremely lucrative, cryptocurrency ventures' total over $2 billion, including $1.4 billion tied to crypto, as well as his family having more than $1 billion in a crypto fund tied to foreign governments.

The proposed agency would place the US Federal Election Commission, Office of Government Ethics, and Office of Special Counsel 'under one roof' within the new bureau, consisting of a bipartisan group of seven members to be confirmed by the Senate.

Trump's ties to the cryptocurrency industry have been a sticking point for many Democrats in Congress considering their support for the Digital Asset Market Clarity (CLARITY) Act. The proposed anti-corruption agency would require Republican support to pass in the US House of Representatives and Senate, where the party holds a slim majority.