U.S. Senate Democratic leaders introduced legislation to create a federal anti-corruption agency, targeting U.S. President Donald Trump’s cryptocurrency business profits and his family’s related ventures.

Cointelegraph, a blockchain outlet, reported on July 30 that Senate Democratic Leader Chuck Schumer submitted the “Anti-Corruption Bureau Establishment Act” to the Senate to create an agency to investigate, enforce and prevent executive-branch corruption.

Schumer wrote in the bill that Trump disclosed earning more than $2 billion from investments in 2025, with $1.4 billion of that linked to cryptocurrency. The bill also cited that the Trump family holds more than $1 billion in a crypto fund connected to foreign governments. It presented these matters as a basis for congressional judgment and argued that oversight mechanisms for conflicts of interest and corruption at the executive-branch level should be strengthened.

The new agency would consolidate functions of the Federal Election Commission, the Office of Government Ethics and the Office of Special Counsel under one organization. Schumer said at a public forum that the agency should have “real power” with enforcement authority. The commission would be made up of 7 bipartisan members and designed to require Senate confirmation. The bill also includes a mechanism for ordinary citizens and state authorities to recover funds taken through corruption.

The bill also intersects with Democrats’ objections around the digital asset market clarification bill under discussion in the Senate, known as the Clarity Act. Democratic lawmakers believe that even if the White House agreed to some ethics rules, it is not enough to resolve the president’s potential conflicts of interest. Trump’s ties to the cryptocurrency industry remain a key issue in determining support for the market structure bill.

Senators Richard Blumenthal and Chris Van Hollen also held a public forum on conflicts of interest between Trump and the cryptocurrency industry. John Reed Stark, a former U.S. Securities and Exchange Commission official who attended, said, “The most important issue is where the Clarity Act stands,” and added that prospects for Senate action this week were unclear.

Markets and the industry are still watching the vote schedule. The Senate has not yet set a voting date for the Clarity Act, and Coinbase CEO Brian Armstrong said the bill is on the 1-yard line. Senator Cynthia Lummis is also continuing to urge a vote.

Schumer’s proposal to create the anti-corruption agency would need Republican support to become law. Republicans hold narrow majorities in both the House and Senate. Even if the bill passes both chambers before 2028, Trump could veto it, and Congress would then need a two-thirds majority to override the veto.

With the Senate set to begin a month-long district work period, there is only about a week left in the remaining session. That has increased the possibility that disputes over Trump’s crypto conflict-of-interest controversy, the anti-corruption bill and the Clarity Act will intensify over a short period.