Senator Dick Durbin Escalates War on Cryptocurrency Risks with New Bills and Amendments Targeting Fraud, Bailouts, and Social Security
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, introducing multiple pieces of legislation and amendments in recent weeks to safeguard consumers, taxpayers, and public trust funds.
In a fiery Senate floor speech on March 10, 2026, Durbin lambasted the cryptocurrency sector as a “highly risky, volatile, unpredictable asset,” pointing to Bitcoin’s nearly 50% value drop since its October 2025 peak and the overall crypto market’s plunge from $4.2 trillion to $2.36 trillion.[1] He accused the Trump administration of “playing with fire” by dropping lawsuits, weakening enforcement, and cozying up to crypto donors, urging Congress to impose “strong guardrails” to protect consumers and curb corruption.[1]
Durbin’s remarks centered on three amendments to the housing bill H.R. 6644 – S.Amdt.4349, S.Amdt.4348, and S.Amdt.4352 – filed as part of the “Road to Housing Bill.” These measures specifically target crypto ATM scams, which he highlighted as a growing menace, with the FBI logging over 12,000 complaints in 2025 alone, disproportionately affecting seniors.[1][3] One amendment would mandate disclosures, fraud warnings, daily transaction limits, and refunds for scammed customers at crypto ATMs.[1] Another would bar crypto companies from taxpayer-funded bailouts, a provision Durbin expanded into standalone legislation.[1][3]
No Bailout for Crypto Act
On March 19, 2026, Durbin formally introduced the “No Bailout for Crypto Act,” reinforcing his amendment to prevent government rescues for the scandal-plagued industry despite President Trump’s embrace of it.[5] “Despite the risk of crypto, President Trump has embraced the scandal-ridden industry,” Durbin’s office stated in a press release, emphasizing the need to shield taxpayers from footing the bill for crypto failures.[5]
Protecting Social Security from Crypto Gambles
Adding to his legislative push, Durbin unveiled the “No Crypto in Social Security Act,” a bill designed to prohibit the Social Security Trust Funds – which support 70 million Americans, including seniors and people with disabilities – from investing in cryptocurrencies.[2][4] The legislation comes amid concerns over recent government moves to allow crypto in retirement plans, which Durbin warned could jeopardize benefits.[2] “Durbin’s bill would ensure that the Social Security Trust Funds are never gambled away on cryptocurrencies,” his Chicago office declared, criticizing the president for “lining his pockets off cryptocurrency schemes.”[4]
The bill has drawn endorsements from advocacy groups like Social Security Works and the Alliance for Retired Americans, who praise it as a vital safeguard against crypto’s inherent instability.[2]
Broader Context of Durbin’s Crypto Amendments
Durbin’s crypto-focused amendments were filed on March 6, 2026, alongside housing-related proposals in the Road to Housing Bill, demonstrating his multifaceted approach to linking financial protections with broader economic legislation.[7] In subsequent statements and videos, he reiterated the amendments’ goals: cracking down on crypto ATM fraud, averting bailouts, and addressing the industry’s corruption and volatility.[3][6]
Industry Volatility and Fraud Epidemic
Durbin’s interventions arrive against a backdrop of crypto market turmoil. Bitcoin, often hailed as the “gold standard” of cryptocurrencies, has erased all gains from 2025, underscoring the asset class’s unpredictability.[1] Fraud remains rampant, with crypto ATMs serving as conduits for scams that exploit vulnerable populations.[1] Durbin argued that without congressional action, the administration’s lax stance risks further eroding investor trust and public funds.[1]
Political and Economic Implications
The senator’s moves highlight deepening partisan divides over cryptocurrency regulation. While Durbin positions himself as a consumer protector, critics in the industry may view his bills as overreach stifling innovation. Nonetheless, with crypto’s total market value halved in months, calls for oversight are gaining traction among Democrats.[1][2]
Durbin’s recent fundraising disclosures show $0 raised in Q4 2025, per FEC filings, potentially insulating him from crypto donor influence.[2] As debates on the housing bill and standalone crypto measures progress, Durbin’s amendments could set precedents for federal crypto policy.
What’s Next?
The amendments await Senate consideration amid the broader housing legislation push. The No Crypto in Social Security Act and No Bailout for Crypto Act face uncertain paths in a divided Congress, but Durbin’s persistence signals sustained Democratic pressure on crypto accountability.
Senator Durbin’s office did not immediately respond to requests for further comment. Developments will be tracked as Congress reconvenes.