On July 30, Senate Minority Leader Schumer introduced an anti-corruption bill proposing the establishment of an independent federal agency to uniformly investigate and hold accountable corruption within the executive branch. The bill cites Trump’s disclosed substantial cryptocurrency-related income as part of its context, once again making presidential cryptocurrency conflicts of interest a focal point in Washington.
The bill proposes to consolidate three regulatory agencies.
This proposal is called the Anti-Corruption Agency Establishment Act. As envisioned, the new agency would consolidate the Federal Election Commission, the Office of Government Ethics, and the Office of Special Counsel, and be governed by a board of seven members confirmed by the Senate, with authority to issue subpoenas, enforce regulations, and issue public reports.
The bill also allows state attorneys general and private plaintiffs to seek recovery of funds allegedly obtained through corruption, and proposes establishing an independent fund to finance the agency’s operations. To prevent operational disruptions due to prolonged vacancies, the bill also includes a mechanism for temporary appointments by federal appellate courts.
Trump discloses multiple cryptocurrency-related income sources
According to Trump’s certified financial disclosure filings, the documents list multiple cryptocurrency-related income sources and transaction amounts, including $635.1 million in royalty income from Celebration Coins, hundreds of millions of dollars in projects related to World Liberty Financial’s token sales, equity transactions, and cryptocurrency wallets, and an additional $196.9 million tied to a holding company associated with a stablecoin.
According to publicly disclosed figures, the aforementioned cryptocurrency-related items total over $1.4 billion. However, these figures reflect reported revenue and transaction volumes, not net profit under tax reporting standards. Previous disclosures also showed that cryptocurrency-related revenue in 2025 has already exceeded that of Trump’s resorts and other real estate businesses.
The White House denies the conflict; the bill's prospects remain uncertain.
The bill also states that the Trump family holds a cryptocurrency fund linked to foreign governments, valued at over $1 billion, citing reports of UAE-backed investment in World Liberty Financial. These claims are part of the legislative findings and allegations in the bill and do not constitute a court ruling on corruption.
White House Principal Deputy Press Secretary Anna Kelly stated that Trump’s investments are managed by independent third-party financial institutions through discretionary accounts, and therefore there are no conflicts of interest. Trump himself has also stated that he does not directly manage his personal finances during his presidency.
From the legislative timeline, this bill is still in its early stages. In the publicly released version dated July 31, the Senate bill number field remains a placeholder. The initial sponsors consist only of four Democratic senators, with no Republican co-sponsors yet. For the bill to become law, it must still pass both the Senate and the House of Representatives and be signed by Trump.
Additional context: This proposal is also intertwined with Senate debates surrounding the Digital Asset Market Clarity Act. Elizabeth Warren argues that existing ethics provisions are insufficient to restrict the president from holding cryptocurrency interests, while supporters continue to push for bipartisan negotiations.