Senator Durbin’s amendment is based off his Crypto ATM Fraud Prevention Act, which aims to crack down on crypto scams by adding layers of protections to crypto ATM transactions and requiring greater transparency from cryptocurrency ATM operators. Senator Durbin will offer his amendment with Senators Jack Reed (D-RI) and Richard Blumenthal (D-CT). 

Specifically, Senator Durbin’s amendment will:

• Require warnings about the risk of fraud: This amendment would require cryptocurrency ATM operators to provide clear warnings to consumers about the risk of fraud, including warnings of common types of scams and that consumers should never send money to someone they have never met.

• Require operators to develop an anti-fraud policy: Cryptocurrency ATM operators would be required to appoint a chief compliance officer and develop a comprehensive anti-fraud policy, which must be submitted to the Financial Crimes Enforcement Network. Operators also would be required to provide live customer support during all operating hours.

• Protect new customers: New customers, defined as a customer within 14 days of their first transaction, would be protected by the following provisions:
  • Transaction limits of $2,000 per day, and $10,000 total over the first 14 days.
  • Full refunds for fraudulent transactions if the customer makes a report within 30 days.
  • Requiring live, verbal confirmation for any transaction greater than $500.

• Require crypto ATM operators to register and disclose ATM locations: Cryptocurrency ATM operators would be required to register with the Treasury Department and to disclose and regularly update the locations of all their ATMs. Operators would also be required to provide a point of contact to relevant regulators and law enforcement agencies.

• Require receipts and information sufficient to trace the transaction: Operators would be required to provide receipts for each transaction, including information sufficient to trace the transaction, such as the time, place, and amount of the transaction, and a transaction hash. Receipts also would have to include contact information for relevant law enforcement and a link to the operator’s refund policy.

The Securities Clarity Act creates a distinction between "an asset and the securities contract it may or may not be a part of and will enable digital asset projects to reach their full potential in a regulatory-compliant way."

The Act specifies that "any asset sold as the object of an investment contract, now defined as an 'investment contract asset' is distinct from the securities offering it was originally a part of. This definition is technology-neutral and applies to all assets sold or offered that would only be considered a 'security' because of their inclusion in an investment contract."

Congressman Emmer said: "Until we have a clear definition of what is a commodity and what is a security, American innovation will continue to suffer. Entrepreneurs need clarity to calculate risk accurately, create new investment opportunities and grow our economy. Our legislation will help provide these answers and allow American investors to fully participate in digital asset technology without sacrificing consumer protections." 

Congressman Soto said: "This bill will add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States—an important step in maximizing the potential of virtual currencies for the U.S. economy while protecting customers and the financial well-being of investors." 

The full text of the bill is available here.

The full text of the bill is available here

See also: Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile

The Executive Order sets out the policy of the Administration to support the digital asset industry, including by:

• promoting use of public blockchain network;
• promoting the sovereignty of the United States dollar, including through actions to promote the development of dollar-backed stablecoins worldwide;
• protecting and promoting fair and open access to banking; and
• providing regulatory clarity and certainty on technology-neutral regulations.

It also establishes a Presidential Working Group on Digital Asset Markets, which is tasked with submitting a report to the President (within 180 days) recommending regulatory and legislative proposals, including: (i) proposing a regulatory framework for the issuance and operation of digital assets, including stablecoins; and (ii) evaluating the potential creation and maintenance of a national digital asset stockpile and proposing criteria for establishing such a stockpile (e.g. from cryptocurrencies seized by law enforcement).

In addition, the Executive Order prohibits the issuance, circulation or use of central bank digital currencies (CBDCs) and terminates any plans or initiatives to create a CBDC in the United States.

Also of note is that recently both chambers of Congress presented drafts of legislation for regulating stablecoins in the U.S.:

• On 4 February 2025: the GENIUS Act, presented by Sens. Tim Scott, Bill Hagerty, Cynthia Lummis and Kirsten Gillibrand. A one-page overview of the legislation can be found here.
• On 6 February 2025:  the STABLE Act, introduced by House Financial Services Committee Chairman French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil.