Durbin’s three amendments would provide essential protections for American taxpayers & consumers. Durbin filed three amendments 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. The Trump Administration has promoted the cryptocurrency industry while gutting the CFPB.
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. 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.
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