Senate Minority Leader Chuck Schumer has introduced legislation aimed at creating a dedicated US anti-corruption bureau, arguing that existing oversight is not designed to stop presidents from profiting while in office—an accusation he ties directly to President Donald Trump’s cryptocurrency-related investments.

Schumer’s proposal, the Anti-Corruption Bureau Creation Act, would establish a new federal agency with authority to “investigate, enforce, and prevent executive branch corruption,” according to a Thursday announcement from Schumer’s office. The bill also seeks to consolidate key ethics and enforcement bodies under one roof—an approach lawmakers supporting the measure say could strengthen accountability more than the current “patchwork” of watchdogs.

Key takeaways

• Schumer’s bill would create a new federal anti-corruption bureau with investigative, enforcement, and preventive powers focused on executive branch conduct.
• The legislation points to reported Trump earnings from investments, including cryptocurrency exposure, as part of a broader argument for tighter safeguards.
• The proposed bureau would incorporate the Federal Election Commission, the Office of Government Ethics, and the Office of Special Counsel into a single structure.
• Supporters are also pushing the measure alongside continued negotiations over the Senate’s crypto market-structure effort, the CLARITY Act, which still lacks a scheduled vote.
• Even if the bureau legislation clears Congress, Trump could veto it; overriding a veto would require a two-thirds majority in both chambers.

A new enforcement model pitched as a response to crypto-related conflicts

In a statement released with the bill introduction, Schumer said he had introduced the Anti-Corruption Bureau Creation Act to address executive branch corruption more directly. The proposal is built around Congress’ findings—stated in the bill text—that Trump disclosed earning more than $2 billion from investments in 2025, including $1.4 billion associated with cryptocurrency, and that his family holds more than $1 billion in a crypto fund tied to foreign governments.

Schumer framed the new agency as having “real teeth,” emphasizing that it would include enforcement authority rather than acting only as a monitor. He also said the bureau would be staffed by a bipartisan group of seven members confirmed by the Senate.

To address remedies for wrongdoing, the bill includes mechanisms allowing private citizens and state authorities to pursue recovery of funds that Schumer described as stolen from Americans “through corruption.”

“This new bureau is one where these institutions work in symbiosis, strengthening each other and eliminating barriers between them which often got in the way,” Schumer said. “It replaces a broken patchwork of watchdogs, none of which were built for this moment, with one, powerful anti-corruption agency, ready to act anywhere, anytime corruption strikes.”

White House pushes back on conflict claims tied to investment accounts

The anti-corruption push arrives amid persistent Democratic criticism of Trump’s involvement in the crypto industry while in office. Schumer’s office noted concerns that have also hovered over the Senate’s broader crypto policy effort, the Digital Asset Market Clarity (CLARITY) Act.

While the White House agreed to certain ethics provisions in CLARITY, many lawmakers have argued those changes do not adequately address potential conflicts of interest.

In a statement to Cointelegraph, White House Principal Deputy Press Secretary Anna Kelly reiterated the administration’s position that there were “no conflicts of interest” related to Trump’s investments. Kelly said the investments were “held in fully discretionary accounts managed by independent third-party financial institutions.”

Consolidating ethics and enforcement under one “roof”

A notable feature of Schumer’s bill is its plan to reorganize parts of the federal oversight landscape. The proposal would place the US Federal Election Commission, the Office of Government Ethics, and the Office of Special Counsel “under one roof” within the new bureau.

The intent, as described in Schumer’s remarks, is to reduce the friction between agencies and streamline action when corruption is alleged—an argument he made by contrasting the proposed bureau with what he characterized as outdated or mismatched oversight structures.

Schumer introduced the bill with cosponsors Andy Kim, Alex Padilla, and Jeff Merkley.

What’s happening with the Senate’s CLARITY Act remains uncertain

Schumer’s anti-corruption initiative is moving alongside a separate, more technical fight in the Senate: whether and when the CLARITY Act will advance.

The article notes that the Senate has just over a week before lawmakers break for a month-long state work period. That calendar pressure is heightening uncertainty for pending legislation, including CLARITY, especially as lawmakers face the prospect of competing priorities ahead of the 2026 midterms.

As of Thursday, the Senate had not scheduled a vote on the CLARITY Act, despite encouragement from some Republican lawmakers and industry figures. Former Securities and Exchange Commission official John Reed Stark said the situation is difficult to predict, describing “enormous drama” surrounding the bill and stating that experts he spoke with could not confidently forecast what would happen that week.

Industry leaders have also signaled confidence while acknowledging timing risks. Coinbase CEO Brian Armstrong said the bill was at the “one-yard line,” while Senator Cynthia Lummis continued pushing for a vote, according to posts cited in the report.

Legislative math: momentum doesn’t eliminate veto risk

Even if Schumer’s anti-corruption bureau legislation gains traction, it still faces major hurdles. The bill would require Republican support in both chambers to pass, with the party holding only a slim majority in the Senate. If it clears the Senate and House before 2028, President Trump could still veto the legislation.

Overriding a presidential veto would require a two-thirds majority in both the House and Senate, leaving the outcome dependent on whether Democrats can sustain enough cross-party backing.

For crypto watchers, the near-term focus is likely to split: whether the Senate can find a path forward on the CLARITY Act before its schedule runs out, and whether Schumer’s anti-corruption bureau proposal gains enough bipartisan traction to survive both legislative and veto thresholds—especially given the ongoing dispute over how (or whether) current ethics arrangements address potential conflicts tied to crypto.

Samsung SDS has identified stablecoin infrastructure as the first major collaboration area under its investment in Dunamu, outlining plans to combine blockchain, AI and cloud technologies as part of its digital asset strategy.

According to Samsung SDS during its second-quarter earnings conference call on Wednesday, the company has been discussing stablecoin infrastructure, AI-powered next-generation payments and virtual asset financial system integration with Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit.

Samsung SDS has outlined how its Dunamu investment will be used

Samsung SDS President Lee Joon-hee said the company’s stake in Dunamu was made to enter the digital asset infrastructure business rather than as a financial investment. He said Samsung SDS intends to combine Dunamu’s blockchain operating experience with its own IT services, artificial intelligence, cloud computing and cybersecurity capabilities to strengthen digital financial infrastructure.

Lee added that the companies are considering business opportunities spanning stablecoin infrastructure, AI-based payment systems and system integration services built around virtual assets. According to Samsung SDS, discussions are continuing as both sides work toward developing concrete business models.

The comments provide the clearest description yet of Samsung SDS’s plans after it invested in Dunamu earlier this year.

In May, Samsung Securities, Samsung SDS and Samsung Card agreed to acquire a combined 4% stake in Dunamu for 612.8 billion won, or about $408 million, by purchasing 1.39 million shares from Kakao-linked entities. Samsung SDS acquired a 1% stake, while Samsung Securities purchased 2% and Samsung Card acquired the remaining 1%.

At the time, Samsung SDS said it planned to combine its AI, cloud, security and data management services with Dunamu’s blockchain expertise, while Dunamu said it expected cooperation on blockchain investment products, payment infrastructure and AI-related blockchain applications.

Stablecoin plans extend Samsung’s digital asset push

The latest comments come less than a week after Samsung Electronics disclosed plans to bring stablecoin support to Samsung Wallet.

During the Galaxy Unpacked event on July 24, Samsung Electronics said the wallet application will support stablecoins alongside payments, rewards and digital assets, although it did not disclose launch dates, supported tokens, blockchain networks or regional availability.

Product manager Lee Dinham said at the event that Samsung Wallet would expand beyond conventional payment functions to include stablecoins, allowing users to transfer digital value directly from compatible Galaxy devices.

Together, the wallet announcement and Samsung SDS’s latest remarks indicate that Samsung’s digital asset initiatives now extend from consumer payment products to the infrastructure supporting blockchain-based financial services.

The direction also differs from Samsung’s response to Open Standard’s proposed OUSD stablecoin consortium earlier this month. According to South Korean newspaper Chosun, Samsung said it had not held formal consultations with Open Standard and did not know what role it was expected to play after being listed as a founding consortium member. Dunamu, Shinhan Bank and K-Bank also told the newspaper they were still reviewing the proposal and had not approved participation.

Cloud growth has supported Samsung SDS results

Samsung SDS disclosed alongside the conference call that second-quarter revenue increased 5.9% year over year to 3.7178 trillion won, while operating profit rose 0.7% to 231.8 billion won. Net profit climbed 4.6% to 184.1 billion won.

IT services revenue reached 1.7625 trillion won, up 5% from a year earlier.

Cloud operations remained the fastest-growing segment. Revenue from the cloud business increased 17% to 779.4 billion won, while external cloud business revenue jumped 75% year over year.

According to Samsung SDS, cloud service provider revenue grew 24% as demand for Samsung Cloud Platform increased and GPU-as-a-Service deployments expanded across public-sector and enterprise customers. Cloud management services revenue also rose 17%, supported by AI transformation projects in the financial sector and enterprise resource planning deployments within South Korea’s shipbuilding industry.

AI infrastructure expansion will also support blockchain services

Alongside its blockchain plans, Samsung SDS said it continues expanding AI infrastructure and enterprise AI offerings.

The company said it was recently selected as a core operator under South Korea’s government-backed GPU infrastructure program and launched an NPU-as-a-Service product based on FuriosaAI’s Renegade neural processing chip. It has also secured AI-related projects with Woori Bank and the Export-Import Bank of Korea while maintaining partnerships with OpenAI, Anthropic and Google Cloud for generative AI services.

Samsung SDS currently operates about 110 megawatts of AI infrastructure and plans to expand capacity to 230 megawatts by 2029. According to the company, that figure is expected to exceed 800 megawatts by 2031 when design, construction and operational projects are included.

The infrastructure buildout accompanies Samsung SDS’s strategy of pairing its cloud and AI capabilities with Dunamu’s blockchain platform as the companies continue discussions around stablecoin infrastructure, digital asset payment systems and virtual asset financial technology services.

The Bank of Korea has successfully completed live cross-border payment tests using tokenized central bank reserves under the Bank for International Settlements-led Project Agora, processing transactions across six currencies and multiple payment scenarios.

According to the Bank of Korea, the central bank participated in the latest round of Project Agora real transaction testing alongside 27 other central banks and private financial institutions, confirming that the platform’s core functions and operating processes worked reliably in an environment designed to mirror real-world payment operations.

The exercise covered the Korean won, U.S. dollar, euro, British pound, Swiss franc and Japanese yen. South Korea’s participating commercial banks included KB Kookmin Bank, NongHyup Bank, Shinhan Bank, Woori Bank and Hana Bank.

Participating institutions processed transactions worth about 800,000 Swiss francs across 17 payment scenarios. 

The Bank of Korea said the tests successfully handled several cross-border payment use cases, including single- and dual-currency settlements between companies and banks, payment-versus-payment foreign exchange settlements and fund transfers within the same financial group.

Project Agora has linked tokenized reserves with cross-border payments

For its domestic test, the Bank of Korea worked with NongHyup Bank and Shinhan Bank to transfer 20 million won between the two lenders using tokenized reserve funds. According to the central bank, it received payment instructions from both banks before issuing, transferring, and redeeming tokenized reserves on the Project Agora platform.

The process also included a manual connection between Project Hangang, the Bank of Korea’s wholesale central bank digital currency platform, and the central bank’s existing financial network to validate interoperability during the transaction.

Separately, KB Kookmin Bank became the first South Korean commercial bank to complete a deposit token payment test with an overseas lender after conducting a yen-based settlement trial with Japan’s MUFG Bank. The bank said the results would support its participation in future phases of Project Agora.

The Bank of Korea said additional live transaction tests would follow as the project expands to cover payment types and operational scenarios that were not included in the latest exercise.

Project Hangang has supported South Korea’s digital payment plans

The latest cross-border testing builds on South Korea’s efforts to extend Project Hangang beyond institutional pilots and into commercial payment infrastructure.

As previously reported, the Ministry of Science and ICT and the Korea Internet & Security Agency launched a 9.6 billion won program earlier this month to connect Project Hangang with the country’s existing payment network. The initiative is led by the Korea Financial Telecommunications and Clearings Institute and includes nine commercial banks, payment gateway providers and large merchants testing deposit token payments for everyday retail transactions.

Instead of replacing existing payment terminals, the project allows banks to issue deposit token wallets while merchants continue using current point-of-sale systems. Government agencies also plan to test deposit tokens for public-sector payments before integrating the technology with South Korea’s digital public finance platform.

The Bank of Korea has consistently distinguished deposit tokens from stablecoins. Deposit tokens represent commercial bank deposits issued through a wholesale CBDC framework operated by the central bank, while stablecoins are separate digital assets backed by reserve assets under their own regulatory model.

Bank of Korea has continued to prioritize CBDCs alongside Project Agora

The successful testing also follows Governor Shin Hyun-song’s digital finance agenda announced after he took office in April.

In his inaugural speech, Shin said the Bank of Korea would continue expanding Project Hangang while participating in international initiatives such as Project Agora to strengthen cross-border payment infrastructure and support the Korean won in digital finance.

Although lawmakers have continued drafting stablecoin legislation under the proposed Digital Asset Basic Act, Shin’s speech focused on wholesale CBDCs and tokenized bank deposits rather than privately issued stablecoins.

His earlier work at the Bank for International Settlements argued that multiple privately issued stablecoins could fragment payment systems, though later reports indicated he had become more open to stablecoins operating alongside CBDCs under an appropriate framework.

South Korea has advanced stablecoin legislation separately

While the central bank continues testing tokenized reserves and deposit tokens, lawmakers and financial regulators have been developing a separate legal framework for stablecoins.

The Financial Services Commission recently told the National Assembly that it intends to consolidate ten pending digital asset proposals into a single Digital Asset Basic Act covering stablecoin issuance, exchanges, disclosures, governance and operational resilience. The regulator has not published a final draft or announced a submission date.

Separately, a policy report published by Hashed Open Research and the Solana Policy Institute recommended introducing interim licensing guidance for won-backed stablecoins before the full legislation is completed. Participants at the June symposium cited in the report argued that temporary rules could help regulated businesses prepare for stablecoin issuance and payment services while lawmakers continue negotiating the final framework.

The Bank of Korea has maintained that banks should play a leading role in any future stablecoin model because of monetary policy, foreign exchange and financial stability considerations. Ownership rules for stablecoin issuers, however, remain under discussion, with lawmakers and regulators continuing consultations before the proposed legislation moves forward.

Bitget Wallet will launch Assetback on Aug. 1, allowing eligible card users to convert purchase rewards automatically into Bitcoin, tokenized gold, U.S. equity tokens, an exchange-traded fund token or USDC.

The company said users can select one of seven assets: BTC, Tether Gold, tokenized Nvidia, Tesla and Alphabet shares, an S&P 500 product, or USDC. Rewards will be generated from qualifying purchases made with the Bitget Wallet Card.

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Telegram founder Pavel Durov has responded to Russia’s latest legal actions by accusing authorities of trying to impose mass surveillance and censorship on the messaging platform, while also claiming the state has moved to restrict his ability to publish online.

Speaking in a Telegram post on Thursday—one day after Russia announced new charges—Durov said Russian authorities labeled him a “terrorist” following his refusal to comply with government demands related to monitoring and restricting content on Telegram.

Key takeaways

• Durov says Russia designated him a “terrorist” after he resisted demands tied to mass surveillance and censorship of Telegram.
• He also claims Russian authorities barred him from publishing information on the internet.
• Russia’s Federal Security Service alleges Telegram failed to remove channels linked to terrorist groups and Ukrainian intelligence services.
• The Russian case follows a separate, ongoing investigation in France tied to accusations that Telegram inadequately moderates illegal content and does not sufficiently respond to law enforcement requests.
• Additional legal pressure is reportedly building in Australia through court proceedings over alleged failures to remove terrorism-related content.

Russia escalates allegations against Durov

According to the timeline reported earlier by Cointelegraph, the comments came a day after Russia’s Federal Security Service (FSB) accused Durov of facilitating terrorist activity. The FSB’s allegation centers on a claim that Telegram did not remove channels used by terrorist organizations and by what Russia described as Ukrainian intelligence services.

Durov’s response on Telegram frames the situation as part of a broader conflict over how governments seek control of online communication. He told Telegram users that Russia had also blocked him from “publishing information on the Internet,” and added that authorities appeared to be “confused about who can ban whom from the Internet.”

How the Russian investigation started

The current escalation builds on a criminal investigation Russia launched in February, as previously detailed by Cointelegraph. At the time, regulators accused Telegram of leaving nearly 155,000 channels, chats, and bots online despite Telegram’s position that such content did not violate relevant Russian law.

The investigation was tied to a wide range of alleged violations, including rules covering extremist material, terrorism, drug trafficking, and other illicit activity categories—suggesting that Russian authorities are treating Telegram’s moderation and compliance as a central issue rather than targeting isolated incidents.

Broader legal challenges in Europe and beyond

While Russia’s charges are the latest development, Durov’s legal problems extend beyond the country. Cointelegraph previously reported that Durov was arrested in France in August 2024 and remains under judicial investigation over allegations that Telegram facilitated criminal activity by failing to adequately moderate illegal content and respond to law enforcement requests.

Durov has denied wrongdoing, saying French authorities did not follow due process in efforts to obtain information from Telegram. His arrest also sparked an organized public push from the TON community, which—according to Cointelegraph—raised more than 9 million signatures on an open letter urging French authorities to release him.

The case has also involved changes to how restrictions on his movement were handled. Cointelegraph reported that French authorities allowed Durov to return temporarily to Dubai in March 2025, before lifting travel restrictions entirely later in 2025.

New pressure reported in Australia

Alongside Europe and Russia, Telegram is facing further legal scrutiny in Australia. Cointelegraph reported that Australian regulators this week launched court proceedings alleging Telegram failed to remove terrorism-related content.

For Telegram and Durov, these separate legal tracks underscore a recurring theme in cross-border platform enforcement: different jurisdictions are asking the same underlying question—how much responsibility a messaging provider should bear for removing content and supporting law enforcement access.

Durov’s privacy-and-surveillance messaging

Durov has portrayed himself as a defender of free speech and digital privacy, using recent statements to argue that compliance efforts can drift into broader surveillance. Cointelegraph noted that in April he warned the European Union’s proposed age-verification app could open the door to wider online monitoring.

That same month, Cointelegraph also reported that Durov linked alleged tax data leaks to a wave of crypto-related kidnappings in France, and said Telegram would leave the country rather than grant authorities access to users’ private messages.

In the current dispute with Russia, his public framing follows the same pattern: he positions government demands as attempts to expand control over messaging infrastructure rather than as targeted enforcement of specific legal obligations.

As Russia’s case develops and other jurisdictions—such as France and Australia—pursue their own enforcement actions, investors and builders in crypto-adjacent ecosystems may want to watch for any tangible changes in platform moderation, legal compliance requirements, and cross-border cooperation that could affect how TON and Telegram-related services operate in practice.

The Hong Kong Securities and Futures Commission has issued a restriction notice freezing assets worth up to HK$125.247 million in a client account at Futu Securities International Limited as part of an ongoing investigation into suspected IPO share manipulation.

According to the Hong Kong Securities and Futures Commission (SFC), the restriction applies to assets held by a certain entity suspected of participating in a fraudulent scheme designed to create a false or misleading appearance of demand for shares in an initial public offering.

The regulator said Futu is not the subject of its investigation and stressed that the restriction notice will not affect the brokerage or any of its other clients. The action targets a specific customer account and prevents the assets from being moved while the investigation continues.

SFC has restricted access to the assets

Under the notice, Futu must not dispose of, transfer, process, or otherwise deal with the assets held in the affected customer account without first obtaining written consent from the SFC. The restriction covers assets up to HK$125,247,000.

The regulator also instructed the brokerage to immediately notify it if it receives any instructions relating to the restricted assets. In addition, Futu must not assist, encourage, or cause another party to deal with those assets unless the regulator has given prior written approval.

Explaining the decision, the SFC said issuing the restriction notice is desirable in the interests of investors and the public. The investigation into the suspected scheme remains ongoing.

According to the regulator, the restriction notice was issued under Sections 204 and 205 of Hong Kong’s Securities and Futures Ordinance.

Futu has not been accused of wrongdoing

While the restriction notice involves an account maintained at Futu Securities International (Hong Kong) Limited, the SFC made it clear that the brokerage itself is not under investigation.

The regulator also stated that the order will not affect the firm’s day-to-day business or the accounts of its remaining customers.

Futu is licensed under Hong Kong’s Securities and Futures Ordinance to conduct multiple regulated activities, including securities dealing, futures contracts dealing, leveraged foreign exchange trading, advising on securities, advising on futures contracts, providing automated trading services, and asset management.

The latest regulatory action therefore relates only to the suspected conduct of a single client entity rather than the firm’s licensed operations.

Although the regulator disclosed the value of the restricted assets and the suspected nature of the scheme, it did not identify the customer entity involved or provide further details about the alleged conduct.

No enforcement action has been announced against Futu, and the SFC has not indicated when its investigation may conclude.

For now, the restriction notice remains in effect, preventing the affected assets from being handled without regulatory approval while investigators continue examining the suspected attempt to create artificial demand for IPO shares.

Futu has expanded its crypto services in Hong Kong

The restriction notice comes after Futu expanded its digital asset business under Hong Kong’s regulated virtual asset framework.

In June 2026, the brokerage received approval from the SFC to expand its Type 1 licensed activities, allowing eligible clients to use securities-backed financing for virtual asset trading. The approval made Futu the first brokerage in Hong Kong to provide financing for cryptocurrency transactions backed by traditional securities.

Under that arrangement, qualified investors became able to use securities held in conventional margin accounts as collateral to obtain financing for crypto trades, removing an earlier limitation that prevented such credit facilities from being used for digital asset transactions.

The approval followed another crypto-related rollout completed in May 2025, when Futu launched deposit services for Bitcoin, Ethereum, and Tether. Eligible investors were allowed to deposit those digital assets through the firm’s trading platform and trade them alongside Hong Kong, U.S., and Japanese stocks, exchange-traded funds, options, bonds, and other investment products from a single account.

At the time, Futu said the service allowed users to move more easily between virtual assets and traditional financial products through the same trading interface. The brokerage had already introduced cryptocurrency trading in 2024 after securing regulatory approval to offer virtual asset services to retail and professional investors.

Hong Kong authorities have continued expanding the city’s regulatory framework for digital assets through new licensing proposals covering virtual asset advisory and portfolio management services, alongside the existing oversight of trading platforms, custody providers, and stablecoin issuers.