Durbin Highlights His Amendments To Housing Bill That Address The Volatility And Corruption Of Cryptocurrency Industry

Durbin Highlights His Amendments To Housing Bill That Address The Volatility And Corruption Of Cryptocurrency Industry

Durbin's three amendments would provide essential protections for American taxpayers & consumers

WASHINGTON - U.S. Senate Democratic Whip Dick Durbin (D-IL) today spoke on the Senate floor to highlight three amendments he filed to the bipartisan 21st Century ROAD to Housing Act that would address the volatility and corruption of the cryptocurrency industry and provide important protections for American taxpayers and consumers. Specifically, Durbin's amendments would crack down on crypto ATM fraud, prevent crypto companies from receiving a taxpayer-funded bailout, and make it explicitly clear that the Social Security Trust Funds cannot currently, and can never, invest in crypto. Durbin has continuously urged his colleagues to implement guardrails to the crypto market so there is not a repeat of the 2008 financial crisis. Following the 2008 financial crisis, Durbin helped pass the Dodd-Frank Act and create the Consumer Financial Protection Bureau (CFPB).

Durbin said, "Unfortunately, the Trump Administration has gutted the CFPB while promoting one industry almost exclusively. Which industry is that? The cryptocurrency industry. This Administration is playing with fire-dropping lawsuits, hollowing out enforcement arms, and curtailing investigations into bad actors all while continuing to cozy up to crypto donors. If this Administration refuses to act, then it is on Congress to provide strong guardrails, protect consumers, and curb corruption."

Durbin then spoke about the dangers of cryptocurrency. Bitcoin has fallen nearly 50 percent since hitting a record high in October 2025. The total value of the crypto market has dropped from more than $4.2 trillion in October 2025 to $2.36 trillion today. Durbin also spoke about the rampant crypto corruption of President Trump, which has led to massive financial gains for him and his family.

Durbin said, "[…] The President has used crypto to enrich himself and his family. Fresh off returning to the Oval Office for a second term, Donald Trump launched a meme coin that generated more than $280 million in profit... And his family's crypto firm, World Liberty Financial, has brought in approximately $1 billion in revenue. President Trump's crypto dealings reportedly account for more than 20 percent of his net worth. In one year, the President has increased his family's fortune to the tune of $1.4 billion."

Durbin then spoke about crypto ATMs. Durbin previously introduced the Crypto ATM Fraud Prevention Act to help prevent scammers from stealing Americans' savings through cryptocurrency schemes. Durbin's legislation aims to crack down on crypto scams by adding layers of protections to crypto ATM transactions and requiring greater transparency from cryptocurrency ATM operators.

Durbin continued, "In 2025 alone, the FBI received more than 12,000 complaints of crypto ATM fraud that resulted in more than $333 million in losses."

"I have spoken before about how scammers are targeting Americans, impersonating a bank or an institution the victim trusts, and scamming them into sending their hard-earned money through these crypto ATMs. Because of the untraceable and anonymous nature of crypto, once the victim deposits their cash into a crypto ATM and sends it to the scammer's wallet, it is nearly impossible to recover. My amendment would require crypto ATM operators to register with the Treasury Department's Financial Crimes Enforcement Network and report their kiosk locations. It also would require crypto ATM operators to provide mandatory disclosures and fraud warnings, impose daily transaction limits, and provide refunds for customers who were scammed," Durbin said.

Durbin's second amendment would prevent crypto companies from receiving a taxpayer-funded bailout. Two in three Americans oppose a government bailout of the crypto industry while only nine percent support one.

"If and when a crypto crash occurs, American taxpayers should not be the ones on the hook to save these crypto ventures that are owned by President Trump and his family," Durbin continued.

During his speech, Durbin raised his serious concerns about the Trump Administration exposing the retirement accounts of millions of Americans to crypto.

"While the Social Security Trust Funds can only invest in bonds, I have filed an amendment to make it explicitly clear that the Trust Funds cannot currently, and can never, invest in crypto. Social Security ensures that our seniors have food on their tables and clothes on their backs. It is backed by U.S. treasury bonds-the safest asset in the world with the full-faith and credit of the United States government [behind it]," Durbin said. "Here is the bottom line: do we want to expose the bedrock promise of Social Security to risky assets like crypto? If your answer is no, then I hope you'll support my amendment."

Durbin concluded, "It is past time that we put common-sense guardrails in place to stop fraud and corruption in the crypto industry. When the GENIUS Act came up for a vote last year, I voted no because it gave Congress' blessing for President Trump and his family to further enrich themselves with very little limited protection for consumers. As Congress considers market structure legislation, I intend to submit these amendments to that bill, too, to finally place meaningful guardrails on this industry."

Video of Durbin's remarks on the Senate floor is available here.

Audio of Durbin's remarks on the Senate floor is available here.

Footage of Durbin's remarks on the Senate floor is available here for TV Stations.

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