Schumer bill targets Trump’s $1.4B crypto revenue

The proposed Anti-Corruption Bureau would consolidate the Federal Election Commission, the Office of Government Ethics, and the Office of Special Counsel under a single independent board. This seven-member body, confirmed by the Senate, would wield subpoena and enforcement powers. To prevent political stagnation, the bill includes a provision allowing a three-judge panel from the D.C. Circuit Court of Appeals to appoint temporary members if vacancies arise.

Trump’s 2025 disclosure documents detail $635.1 million in royalties from Celebration Coins, alongside hundreds of millions from World Liberty Financial token sales and stablecoin-related holdings. While these figures represent gross revenue rather than net profit, they indicate that digital assets have become a primary income stream for the president. The legislation further alleges that Trump’s family managed over $1 billion in a crypto fund linked to foreign governments, including investments tied to the United Arab Emirates.

White House Principal Deputy Press Secretary Anna Kelly dismissed the corruption allegations, asserting that the president’s investments are managed by independent third-party institutions. She maintained that no conflicts exist, noting that Trump does not personally oversee his financial portfolio while in office. Despite the administration's pushback, Schumer argues the current oversight system is a broken patchwork incapable of addressing modern executive conduct. The bill faces a steep climb in Congress, currently lacking Republican cosponsors and awaiting formal committee referral.