Durbin Criticizes Senate Committee's Partisan Crypto Bill

Senator calls for stronger consumer protections and transparency in U.S. cryptocurrency regulations.

Jan. 31, 2026 at 8:47am

Got story updates? Submit your updates here. ›

U.S. Senate Democratic Whip Dick Durbin has criticized the Senate Agriculture Committee's advancement of a partisan cryptocurrency market structure legislation, pushing for greater consumer safeguards and transparency. Durbin offered two amendments to strengthen the bill, but they were rejected by Senate Republicans. The senator has continuously raised concerns about the risks of cryptocurrency, especially its inclusion in retirement accounts.

Why it matters

The 2008 financial crisis highlighted the need for robust consumer protections, and Durbin believes Congress must learn from those lessons as the cryptocurrency industry continues to grow. He warns that rushing this legislation poses a serious danger to the U.S. financial system without proper safeguards in place.

The details

Durbin offered two amendments to the crypto bill that were rejected by Senate Republicans. The first amendment was modeled after his Crypto ATM Fraud Prevention Act, which would have required crypto ATM operators to register with the CFTC and report on their kiosks' locations, as well as impose daily transaction limits and refund policies for victims. Durbin's second amendment would have prevented a taxpayer-funded bailout of crypto intermediaries.

  • On January 31, 2026, the Senate Agriculture Committee advanced the cryptocurrency market structure legislation along party lines.
  • In June 2025, Durbin sent a letter urging the Department of Labor to reverse a recent action to rescind guidance warning of the risks of offering cryptocurrency in employees' 401(k) plans.
  • In April 2025, Durbin sent a letter urging the Department of Justice to reverse its decisions to effectively terminate the Department's cryptocurrency investigations and prosecutions.

The players

Dick Durbin

U.S. Senate Democratic Whip and member of the Senate Agriculture Committee.

Commodity Futures Trading Commission (CFTC)

The U.S. federal agency that regulates the commodity futures and options markets.

Donald Trump

Former U.S. President who Durbin claims is using cryptocurrency to enrich himself and his family.

Got photos? Submit your photos here. ›

What they’re saying

“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.”

— Dick Durbin, U.S. Senate Democratic Whip

“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.”

— Dick Durbin, U.S. Senate Democratic Whip

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.