There are plans to thoroughly investigate Trump’s cryptocurrency activities

U.S. Senate Minority Leader Chuck Schumer has proposed creating a new federal agency to investigate corruption among government officials, particularly as it relates to the cryptocurrency industry. According to the senator’s proposal, the agency would be headed by a seven-member board appointed by the Senate and would operate independently of the executive branch, with the authority to conduct investigations and question witnesses.

According to the bill, the bureau would have the authority to recover illegally obtained funds. In addition, Schumer proposes allowing private citizens and state attorneys general to file lawsuits against public officials and large companies to recover funds obtained through corruption.

The initiative was spurred by the current president’s family’s massive crypto earnings. According to Schumer, since Donald Trump’s return to the White House in 2025, he has personally earned over $ 1.4 billion from crypto projects, while the entire Trump family has earned more than $ 4 billion. This involves the World Liberty Financial lending platform, the WLFI token, and the meme coins TRUMP and MELANIA.

The president’s administration denies any conflict of interest in Trump’s activities. However, it was precisely the controversy surrounding his crypto business that became one of the reasons for the delay in passing the CLARITY bill. Democrats are insisting on including provisions that would prohibit the president, members of Congress, government officials, and their families from profiting from cryptocurrencies while in office.

This is not the first attempt by Democrats to restrict officials' crypto earnings. Previously, Schumer, along with Senators Elizabeth Warren and Jeff Merkley, proposed similar amendments to the GENIUS Act, which regulates the issuance and circulation of stablecoins. The law was passed in the summer of 2025, but without these amendments.