Does Dick Durbin Support Crypto?

Senator Dick Durbin

@SenatorDurbin

Criminals are contacting, threatening, and coercing elderly Americans into depositing large sums of money into criminals’ crypto wallets using Bitcoin ATMs. We’re telling those companies: it’s time to stop this.

2024-09-12T15:26:32.000Z

Senator Dick Durbin

@SenatorDurbin

I just told the ten largest Bitcoin ATM companies that it’s time to take action to stop scams against the elderly.

2024-09-12T15:20:48.000Z

Voted against a bill on May 16th, 2024

Bill Name

SAB 121 House Joint Resolution

Details

For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121". This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.

Cosponsored a bill on Sep 14th, 2023

Bill Name

Digital Asset Anti-Money Laundering Act of 2023

Details

A bill to require the Financial Crimes Enforcement Network to issue guidance on digital assets, and for other purposes.

Senator Dick Durbin

@SenatorDurbin

There's a long list of outrages in the crypto industry—including celebrity endorsers, billions spent on stadium naming rights, and phony tokens—all to gain misguided credibility with everyday Americans. My remarks in today's Approps Subcommittee hearing on the risks of crypto:

2023-07-19T22:02:13.000Z

Senator Dick Durbin

@SenatorDurbin

Deputy Secretary Su understands the ins and outs of a successful DOL. Today, we discussed a range of issues, including strengthening our workforce, concerns with crypto, and troubling reports of child labor exploitation. If she is confirmed, I look forward to working with her.

2023-04-19T02:36:01.000Z

Senator Dick Durbin

@SenatorDurbin

I’m speaking live on the Senate floor in honor of National Public Defender Day and the 60th anniversary of the Supreme Court’s ruling in Gideon v. Wainwright. I will also discuss the collapse of Silicon Valley Bank and the need to properly regulate crypto.

2023-03-16T14:27:56.000Z

Senator Dick Durbin

@SenatorDurbin

Hardworking Americans save for years to retire in dignity. These families deserve better than to have their life savings subjected to the uncertainty and volatility of crypto. I urged @USDOL to investigate retirement plans that offer investments in crypto.

2023-03-09T22:21:08.000Z

Senator Dick Durbin

@SenatorDurbin

Invest in crypto-mania and you'll be in a world of pure imagination. The FTX collapse was not an anomaly. Crypto is a dangerous investment and our government must do a better job at regulating this reckless, volatile, and foolish asset.

2023-03-09T17:15:56.000Z

Senator Dick Durbin

@SenatorDurbin

Cryptocurrency rips off hardworking Americans to the tune of billions of dollars. It is abundantly clear that when it comes to crypto, we need real cops on the beat.

2023-03-08T23:12:31.000Z

Senator Dick Durbin

@SenatorDurbin

Hardworking Americans deserve better than the Ponzi schemes and endless volatility that characterize the crypto industry. I'm speaking on the Senate floor about the risks and predatory nature of crypto. Tune in: x.com/i/broadcasts/1…

2023-02-01T16:15:44.000Z

Senator Dick Durbin

@SenatorDurbin

The implosion of FTX has shown that we must provide financial regulators with adequate resources to effectively regulate the crypto industry. Hardworking Americans who invest in crypto should receive the same protections as traditional financial products. durbin.senate.gov/newsroom/press…

2022-12-02T15:11:17.000Z

Senator Dick Durbin

@SenatorDurbin

I’m speaking live on the Senate floor about the collapse of FTX and the risks of cryptocurrencies.

2022-11-30T18:40:41.000Z

Senator Dick Durbin

@SenatorDurbin

The implosion of FTX has made it clear that the digital asset industry has serious problems. I joined @SenWarren & @SenTinaSmith to urge Fidelity to do what is best & reconsider its decision to expose retirement accounts & employer-sponsored plans to these volatile assets.

2022-11-21T22:57:07.000Z

Quoted from www.durbin.senate.gov on Nov 21st, 2022

The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems. The industry is full of charismatic wunderkinds, opportunistic fraudsters, and self-proclaimed investment advisors promoting financial products with little to no transparency. As a result, the ill-advised, deceptive, and potentially illegal actions of a few have a direct impact on the valuation of Bitcoin and other digital assets.

Senator Dick Durbin

@SenatorDurbin

Mr. Bankman-Fried will be Exhibit A in the Crypto Crash story. His “billionaire-to-bankrupt” plunge is fair warning that the crypto hype is too good to be true. cnn.com/2022/11/17/inv…

2022-11-17T16:36:34.000Z

Senator Dick Durbin

@SenatorDurbin

We should all agree that workplace retirement accounts are no place to gamble. Yet .@Fidelity, one of the largest 401(k) providers, wants to give plan sponsors the ability to expose plan participants to Bitcoin, a highly volatile and unregulated digital asset.

2022-07-27T23:47:32.000Z

Senator Dick Durbin

@SenatorDurbin

It’s time to learn the truth about crypto. Let’s start with the obscene amounts of electricity needed to mine Bitcoin and other cryptocurrencies. Families and businesses in America will pay the price for crypto’s mining ventures.

2022-07-16T16:36:52.000Z