Schumer introduced the Anti-Corruption Bureau Creation Act citing Trump's $1.4 billion crypto earnings, as the CLARITY Act stalls before Senate recess.
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Senate Minority Leader Chuck Schumer introduced legislation Thursday to create a new federal anti-corruption agency, directly citing President Donald Trump's disclosure of more than $2 billion in 2025 earnings. Of that sum, $1.4 billion came from cryptocurrency investments, according to the bill text.
The Anti-Corruption Bureau Creation Act would consolidate the Federal Election Commission and the Office of Government Ethics with the Office of Special Counsel under one roof. Schumer described the new bureau as having "real teeth" with enforcement authority, run by a bipartisan seven-member panel confirmed by the Senate. The bill also lets private citizens and state authorities recover funds Schumer said had been stolen from "Americans through corruption."
"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," Schumer said at a Public Citizen forum.
The proposal arrives as the Senate has just over a week before a month-long state work period. Lawmakers are scrambling to pass bills before the 2026 midterms potentially complicate discussions on their return. One of the most watched pieces of legislation is the Digital Asset Market Clarity (CLARITY) Act, a comprehensive crypto market structure bill that has stalled despite support from Republican leaders and industry executives.
Trump's crypto ties have been a sticking point for Democrats considering the CLARITY Act. The White House agreed to certain ethics provisions, but many lawmakers say those measures do not go far enough to address the president's potential conflicts of interest. The Schumer bill also notes that Trump's family held more than $1 billion in a crypto fund tied to foreign governments.
Former SEC official John Reed Stark, speaking after a Monday forum hosted by Senators Richard Blumenthal and Chris Van Hollen, said the CLARITY Act's fate is uncertain. "The big question at this very minute is where the CLARITY Act stands," Stark said. "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."
Coinbase CEO Brian Armstrong said Wednesday the bill was at the "one-yard line." Senator Cynthia Lummis, a longtime advocate for market structure legislation, has continued pushing for a vote. As of Thursday, the Senate had not scheduled a vote on the CLARITY Act.
The Schumer bill would require Republican support to pass in the House and Senate, where the party holds a slim majority. If it advanced before 2028, Trump could still veto the legislation. Congress would then need a two-thirds majority to override.
Senators Andy Kim, Alex Padilla and Jeff Merkley cosponsored the bill. The White House did not respond to a request for comment.
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