"Chuck Schumer introduces Anti-Corruption Bureau targeting digital assets" Jul 31, 2026

Chuck Schumer introduced legislation to create an independent seven-member anti-corruption bureau with subpoena enforcement and recovery powers, targeting alleged personal and family profiteering by the president and senior officials. The bill would allow the bureau, private plaintiffs, and state attorneys general to pursue funds obtained through corruption by presidents, senior officials, campaign figures, and major contractors, and would insulate the agency from presidential budget control through a dedicated fund and a special judicial appointment process.

Bloomberg estimates Trump's crypto ventures, including World Liberty Financial, the Trump meme coin, NFTs, and a Bitcoin mining stake, have generated roughly $620 million for his family. The White House denies any conflict of interest, but Democrats are rejecting a Trump-backed proposal that would leave enforcement primarily to the Department of Justice, and Trump's crypto profits are cited as the specific obstacle holding up passage of the Clarity Act.

New York Attorney General Letitia James sued prediction market platform Kalshi, arguing its sports, culture, and election contracts are gambling products offered without approval from the New York State Gaming Commission, and is seeking at least $36 billion in damages, restitution, disgorgement, and penalties. A gaming attorney noted that New York's enforcement powers could potentially allow the state to pursue Kalshi's nationwide profits, making the $36 billion figure potentially conservative given that Kalshi recorded $33 billion in trading volume in June 2026 alone. The CFTC is attempting to prevent states from regulating federally registered event contract platforms, and Kalshi has already faced restrictions in Michigan and Washington while Minnesota allowed it and Polymarket to continue operating during litigation.

Strategy reported an $8 billion second quarter loss, reversing a $10 billion profit from a year earlier, largely due to unrealized losses on Bitcoin holdings as Bitcoin ended the quarter more than 40% below its year-earlier price. Strategy increased its Bitcoin holdings by 11% during the quarter but has paused purchases for five consecutive weeks to build cash, cut convertible debt by 18%, and holds a dollar reserve of $3.70 billion, which the company says is sufficient to cover roughly two years of preferred dividends and interest payments.

Circle secured a limited-purpose trust charter from the New York Department of Financial Services for Circle New York Trust and received federal approval from the Office of the Comptroller of the Currency to establish Circle National Trust. The New York charter provides the state framework through which USDC issuance is expected to operate, while the federal charter covers fiduciary custody of digital assets with management of USDC reserves deferred to a later phase.

Barry Silbert's Fortitude agreed to buy 9,000 Bitmain Antminer machines for approximately $31 million, a purchase expected to increase its cash mining capacity by 145%, with the machines to be deployed across more than 60 megawatts of contracted power at seven sites in South Dakota, Nebraska, Texas, and New York.

Scammers are mailing counterfeit IRS letters directing taxpayers to a fake digital asset compliance portal, with the IRS advising recipients not to scan QR codes or respond to calls demanding payment. The tactic is considered potentially convincing because the IRS legitimately contacts taxpayers about crypto reporting. Separately, more than $1 billion was lost to hacks in the first half of 2026, and over 50 wrench attacks involving physical threats or assault to obtain crypto access were reported during the same period. Bitcoin was trading at $63,736 and Ethereum at $1,882 as of July 31, 2026.