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To prohibit bailouts of digital asset market participants, and for other purposes.
Summary
The No Bailout for Crypto Act prohibits federal agencies from providing financial assistance to cryptocurrency and digital asset companies, intermediaries, and trading platforms to prevent their failure or bankruptcy. The bill bars these entities from accessing emergency lending facilities provided by the Federal Reserve or receiving assistance from the Treasury Department's Exchange Stabilization Fund. The legislation applies to various types of digital asset service providers, including decentralized finance platforms and blockchain-based systems. The bill preserves existing authorities for the Federal Reserve to lend to traditional depository institutions and banks.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
6 cosponsors
- Sen. Hirono, Mazie K. [D-HI] (D-HI)
- Sen. Merkley, Jeff [D-OR] (D-OR)
- Sen. Sanders, Bernard [I-VT] (I-VT)
- Sen. Smith, Tina [D-MN] (D-MN)
- Sen. Warren, Elizabeth [D-MA] (D-MA)
- Sen. Welch, Peter [D-VT] (D-VT)
Money behind the sponsor
Top reported contributors to Richard J. Durbin’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- SIMMONS HANLY CONROY LLC $19,133
- THE GORI LAW FIRM $18,300
- CLIFFORD LAW OFFICES PC $17,750
- POWER ROGERS & SMITH LLP $17,300
- MAUNE RAICHLE HARTLEY FRENCH & MUDD $14,638
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Richard J. Durbin → · Outside spending →
Actions (2)
- Mar 19, 2026 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S1380) · senate
- Mar 19, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
March 19, 2026
Mr. Durbin (for himself, Ms. Warren, Mr. Welch, Mr. Sanders, Ms. Smith, and Ms. Hirono) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To prohibit bailouts of digital asset market participants, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “No Bailout for Crypto Act”.
SEC. 2. PROHIBITION ON BAILOUTS OF DIGITAL ASSET MARKET PARTICIPANTS.
(a) Definitions.—In this section:
(1) Blockchain.—The term “blockchain” means technology—
(A) through which data is shared across a network that creates a public blockchain of verified transactions or information among network participants; and
(B) in which cryptography is used to link the data described in subparagraph (A)—
(i) to maintain the integrity of the blockchain described in that subparagraph; and
(ii) to execute other functions.
(2) Decentralized finance trading protocol.—The term “decentralized finance trading protocol” means a blockchain system through which multiple participants can execute a financial transaction—
(A) in accordance with an automated rule or algorithm that is predetermined and non-discretionary; and
(B) without reliance on any other person to maintain control of the digital assets of the user during any part of the financial transaction.
(3) Digital asset intermediary.—The term “digital asset intermediary” means any person that provides services that are financial in nature, as defined in section 4(k)(4) of the Bank Holding Company Act (12 U.S.C. 1843(k)(4)), with respect to any digital asset.
(4) Financial service provider.—The term “financial service provider” means a financial service provider that is regulated by a Federal banking agency, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(5) GENIUS act terms.—The terms “digital asset”, “digital asset service provider”, and “distributed ledger protocol” have the meanings given those terms, respectively, in section 2 of the GENIUS Act (12 U.S.C. 5901).
(b) Prohibition on Financial Assistance.—A Federal agency may not provide financial assistance to a digital asset intermediary, digital asset service provider, distributed ledger protocol, decentralized finance trading protocol, or financial service provider with respect to digital asset activities, to prevent the failure or bankruptcy of the digital asset commodity intermediary.
(c) Emergency Liquidity Facilities.—A digital asset intermediary, digital asset service provider, distributed ledger protocol, decentralized finance trading protocol, or financial service provider with respect to digital asset activities may not have access to any emergency liquidity facility established under section 13(3) of the Federal Reserve Act (12 U.S.C. 343).
(d) Exchange Stabilization Fund.—The Secretary of the Treasury may not use any amounts in the Exchange Stabilization Fund established under section 5302 of title 31, United States Code, for the benefit of any digital asset intermediary, digital asset service provider, distributed ledger protocol, decentralized finance trading protocol or financial service provider with respect to digital asset activities.
(e) Rule of Construction.—The prohibition under subsection (b) shall not alter the Federal Reserve’s authority to lend to depository institutions under section 10B of the Federal Reserve Act (12 U.S.C. 347b). <all>
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