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119th CONGRESS
2d Session |
To amend the Social Security Act to prohibit the Social Security Trust Funds from investing in cryptocurrency.
Mr. Durbin introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Social Security Act to prohibit the Social Security Trust Funds from investing in cryptocurrency.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “No Crypto in Social Security Act”.
SEC. 2. Prohibit Social Security Trust Funds from investing in cryptocurrency.
Section 201 of the Social Security Act (42 U.S.C. 401) is amended—
(1) in subsection (d), by inserting after the second sentence the following: “Such investment may not be made in any digital asset or any crypto-related investment.”; and
(2) by adding at the end the following new subsection:
“(o) For purposes of subsection (d)—
“(1) the term ‘digital asset’ has the same meaning given such term in section 2 of the GENIUS Act (12 U.S.C. 5901); and
“(2) the term ‘crypto-related investment’ means—
“(A) any investment fund under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) related to futures on digital assets (as so defined) or on digital asset indices;
“(B) any stock or bond of a public company that—
“(i) substantially derives its value from holdings of digital assets; or
“(ii) primarily derives revenue from providing products or services (including issuance, trading, management, distribution, custody, settlement, or similar services) related to digital assets; or
“(C) any other asset or investment whose value is tied to, or derived from, digital assets.”.