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

Senate Democratic Leader Chuck Schumer has introduced legislation to create an independent seven-member anti-corruption bureau with subpoena enforcement and recovery powers, framing it as a response to President Donald Trump's alleged use of the presidency for personal and family profit.

The bill would let the bureau, private plaintiffs, and state attorneys general pursue funds obtained through corruption by presidents, senior officials, campaign figures, and major contractors, while insulating the agency from presidential budget control through a dedicated fund and special judicial appointment process.

democrats have focused heavily on trump's crypto ventures which bloomberg estimates have generated roughly 620 million dollars for his family through world liberty financial the trump meme coin nfts and a bitcoin mining stake the white house denies any conflict of interest but the issue is holding up the clarity act with democrats demanding stronger restrictions on federal officials profiting from digital assets and rejecting a trump-backed proposal that would leave enforcement primarily to the department of justice Well, the IRS is warning crypto holders about scammers mailing counterfeit letters designed to steal digital assets or personal information, including notices directing taxpayers to a fake digital asset compliance portal that does not exist.

The agency advised recipients not to scan QR codes or respond to calls demanding payment.

The physical mail tactic is notable because the IRS legitimately contacts taxpayers about crypto reporting, making the letters potentially convincing after a recent rise in real digital asset tax notices.

The warning comes amid broader crypto security concerns with more than $1 billion lost to hacks in the first half of 2026 and over 50 reported wrench attacks in which victims are physically threatened or assaulted for access to their crypto.

well new york has sued cal she for allegedly operating an unlicensed gambling platform seeking to block the company from offering prediction markets in the state and recover at least 36 billion dollars in damages restitution disgorgement and penalties pending a full accounting attorney general leticia james argues that cal she's sports culture and election contracts are gambling products offered without approval from the new york state gaming commission exposing residents including people under 21 to financial risk while avoiding state gaming taxes.

The lawsuit comes amid a broader jurisdictional fight with the Commodity Futures Trading Commission trying to prevent states from regulating federally registered event contract platforms.

Kalshi has recently faced restrictions in Michigan and Washington, while Minnesota allowed it and Polymarket to continue operating during litigation.

A gaming attorney said New York's unusually broad enforcement powers could potentially let the state pursue Kalshi's nationwide profits, making the $36 billion demand potentially conservative, Kalshi remains the world's largest prediction market by volume, recording $33 billion in June alone.

Well, Strategy reported an $8 billion second quarter loss, reversing a $10 billion profit a year earlier, largely because of unrealized losses on its Bitcoin holdings as Bitcoin ended the quarter more than 40% below its year earlier price.

The company increased its holdings by 11% during the quarter.

Strategy has paused Bitcoin purchases for five straight weeks to build cash.

It also cut convertible debt by 18% and increased its dollar reserve, which now stands at $3.70 billion, enough to cover roughly two years of preferred dividends and interest payments.

Well, Circle has secured a limited-purpose trust charter from the New York Department of Financial Services for Circle New York Trust, giving USDC a stronger state-level regulatory footing shortly after the company received federal approval to establish Circle National Trust under the office of the comptroller of the currency.

The two approvals serve different purposes.

The federal charter covers fiduciary custody of digital assets with management of USDC reserves deferred to a later phase, while the New York charter provides the state framework through which USDC issuance is expected to operate.

And finally, Barry Silbert-backed Fortitude has agreed to buy 9,000 Bitmain Ant Miner machines for about $31 million, a purchase expected to increase its Zcash mining capacity by 145%.

The machines will be deployed across more than 60 megawatts of contracted power at seven sites in South Dakota, Nebraska, Texas, and New York.