[Congressional Record Volume 172, Number 51 (Friday, March 20, 2026)]
[Senate]
[Page S1456]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4740. Mr. DURBIN submitted an amendment intended to be proposed by 
him to the bill S. 1383, to establish the Veterans Advisory Committee 
on Equal Access, 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) 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).
                                 ______