[Congressional Record Volume 172, Number 42 (Thursday, March 5, 2026)]
[Senate]
[Pages S892-S893]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4349. Mr. DURBIN submitted an amendment intended to be proposed by

[[Page S893]]

him to the bill H.R. 6644, a bill to increase the supply of housing in 
America, and for other purposes; which was ordered to lie on the table; 
as follows:

       At the appropriate place, insert the following:

     SEC. ___. PROHIBITION ON BAILOUTS OF DIGITAL ASSET MARKET 
                   PARTICIPANTS.

       (a) Definitions.--In this section:
       (1) 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.
       (2) 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.
       (3) 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).
       (4) 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.
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