Durbin Statement On Senate Agriculture Committee Advancing Partisan Crypto Market Structure Legislation

Durbin Statement On Senate Agriculture Committee Advancing Partisan Crypto Market Structure Legislation

WASHINGTON - U.S. Senate Democratic Whip Dick Durbin (D-IL), a member of the Senate Agriculture Committee, released the following statement after the Committee advanced cryptocurrency market structure legislation along party lines. Republicans also voted to reject two amendments that Durbin offered in order to strengthen the bill. Durbin's amendments attempted to crack down on crypto ATM fraud and ban some crypto intermediaries from receiving a federal bailout.

"The 2008 financial crisis was a wake-up call to Congress and led to the creation of the Consumer Financial Protection Bureau and the Dodd-Frank Act. With the rise of cryptocurrency, we can't repeat the 2008 mistakes in 2026. Congress must regulate this industry, which is a risky, volatile, and unpredictable investment.

"Now that Senate Agriculture Committee Republicans have advanced this partisan legislation, I strongly advise the full Senate to pause this advancement and work to provide meaningful protections and transparency for consumers, instead of rubber stamping an industry that President Trump is using to enrich himself and his family. Rushing this process is unwise and poses a serious danger to the U.S. financial system."

Durbin has continuously raised concerns about cryptocurrency. He offered two amendments today to strengthen the bill, but they were rejected by Senate Republicans. The first amendment was modeled after his Crypto ATM Fraud Prevention Act to help prevent scammers from stealing Americans' savings through cryptocurrency schemes. The amendment would have required crypto ATM operators to register with the Commodity Futures Trading Commission (CFTC) and report on their kiosks' locations, as well as impose daily transaction limits and refund policies for victims who were scammed. Durbin's second amendment to the bill would have prevented a taxpayer funded bailout of crypto intermediaries.

Durbin has also raised concerns about the inclusion of crypto in retirement accounts, especially how it exposes plan participants to unnecessary risk and could have devastating impacts. Following the collapse of FTX, Durbin urged Fidelity Investments to reconsider their decision to allow 401(k) plan sponsors to offer plan participants exposure to Bitcoin

Last June, Durbin sent a letter to Department of Labor Secretary Lori Chavez-DeRemer urging the Department to reverse a recent action to rescind guidance warning of the risks of offering cryptocurrency in employees' 401(k) plans. Last April, Durbin sent a letter urging Deputy Attorney General Todd Blanche to reverse the Department of Justice's (DOJ) recent decisions to effectively terminate the Department's cryptocurrency investigations and prosecutions.

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