Senator Dick Durbin Escalates Crackdown on Cryptocurrency Risks with New Bills and Amendments
WASHINGTON, D.C. – U.S. Senator Dick Durbin (D-IL), the Senate Democratic Whip, has intensified his campaign against the cryptocurrency industry’s volatility and fraud risks through a series of targeted legislative actions. In recent Senate floor remarks and new bill introductions, Durbin criticized the Trump administration’s embrace of crypto while pushing amendments and standalone legislation to protect consumers, seniors, and public trust funds.[1][3]
Senate Floor Remarks Highlight Crypto Market Crash and Fraud Surge
Delivering remarks on March 10, 2026, regarding amendments to H.R. 6644, the “Road to Housing Bill,” Durbin painted a stark picture of the crypto sector’s instability. He noted that Bitcoin, often hailed as the “gold standard” of cryptocurrencies, has plummeted nearly 50% from its record high in October 2025. The total crypto market value has similarly nosedived from over $4.2 trillion to $2.36 trillion, erasing all gains from the previous year.[1]
“Cryptocurrency is a highly risky, volatile, unpredictable asset,” Durbin stated, pointing to its reputation for fraud, particularly scams via crypto ATMs that prey on senior citizens. In 2025 alone, the FBI logged more than 12,000 complaints of such fraud, underscoring the urgent need for regulation.[1]
Amendments Target Crypto ATM Fraud and Bailouts
Durbin’s amendments to the housing bill, filed on March 6, 2026, include S.Amdt.4349, S.Amdt.4348, and S.Amdt.4352, aimed at curbing crypto ATM abuses. These measures would mandate disclosures and fraud warnings from operators, impose daily transaction limits, and require refunds for scammed customers. Another amendment explicitly bars crypto companies from accessing taxpayer-funded bailouts, a direct response to the industry’s scandal-prone history.[1][3][7]
“If this administration refuses to act, then it is on Congress to provide strong guard rails, protect consumers, and curb corruption.” – Senator Dick Durbin[1]
Durbin lambasted the administration for “playing with fire” by dropping lawsuits, weakening enforcement, and favoring crypto donors over investigations into bad actors.[1]
‘No Crypto in Social Security Act’ Shields Retirement Funds
Building on these efforts, Durbin introduced the “No Crypto in Social Security Act,” a bill designed to prevent the Social Security Trust Funds – which support 70 million Americans, including seniors and those with disabilities – from being invested in volatile cryptocurrencies. The legislation comes amid concerns over recent governmental pushes to allow crypto in retirement plans.[2][4]
“Durbin’s bill would ensure that the Social Security Trust Funds are never gambled away on cryptocurrencies,” his office stated in a Chicago release. Advocacy groups like Social Security Works and the Alliance for Retired Americans have voiced strong support.[2][4]
‘No Bailout for Crypto Act’ Addresses Presidential Ties
On March 19, 2026, Durbin unveiled the “No Bailout for Crypto Act,” explicitly blocking federal bailouts for crypto firms despite President Trump’s affinity for the sector. The bill highlights the administration’s coziness with an industry rife with scandals, positioning Congress as the necessary check.[5]
These initiatives mark Durbin’s latest in a string of crypto-skeptical moves, including prior amendments to safeguard public funds from digital asset risks.[2]
Broader Context: Crypto’s Regulatory Tug-of-War
Durbin’s push occurs against a backdrop of polarized views on cryptocurrency. Proponents tout it as innovative finance, but critics like the Illinois senator emphasize its predatory elements and market swings. His floor speech referenced the administration’s enforcement rollback, contrasting it with calls for congressional intervention.[1]
Video of Durbin’s remarks, available on his Senate website and YouTube, has circulated widely, amplifying his message on crypto’s dangers.[1][6]
Implications for Consumers and Policy
If enacted, Durbin’s proposals could reshape crypto operations in the U.S., particularly ATMs now numbering in the thousands and often unregulated. Fraud prevention measures would offer relief to vulnerable groups, while bailout prohibitions aim to shield taxpayers.[1][3]
The Social Security bill addresses a specific threat: proposals to diversify trust funds into high-risk assets. With Social Security’s solvency already a hot-button issue, Durbin’s stance resonates with those prioritizing stability over speculation.[2][4]
As the 2026 legislative session progresses, Durbin’s amendments face uncertain fates in a divided Senate. However, his vocal opposition – framing crypto as a gamble unfit for public or retirement funds – keeps the pressure on regulators and the industry.[5][7]
Senator Durbin’s office has not yet detailed cosponsors for the new bills, but bipartisan support could emerge amid widespread fraud concerns. For now, his actions signal Democrats’ resolve to rein in what he calls a “scandal-ridden” sector.[1][2]