Senator Chuck Schumer has proposed a new federal agency to go after corruption, and he's using Donald Trump's crypto billions as Exhibit A. The bill, introduced this week, specifically cites Trump's 2025 disclosure of billions in cryptocurrency earnings and his family's business ties to foreign governments.
What the agency would do
The proposed Office of Government Ethics and Accountability would have the power to investigate conflicts of interest and foreign financial entanglements. Schumer's legislation argues that current oversight is too weak to catch the kind of opaque crypto holdings Trump disclosed. The agency would focus on elected officials, their families, and senior executive branch appointees.
The crypto disclosure that got attention
Trump's 2025 financial filing showed he had made billions from crypto ventures, a stunning figure for a former president. The disclosure raised questions about how much influence foreign actors could have through digital asset investments. Schumer's bill points to this as a clear gap in the law.
Foreign ties in the crosshairs
The legislation also calls out the Trump family's business relationships with foreign governments. It doesn't name specific countries, but the implication is clear: the bill would require far more transparency around any income or assets tied to foreign state-owned enterprises or sovereign wealth funds.
The bill now heads to committee. Schumer's office has not said when a vote might come.
