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119-s-4092119th CongressWALLET

No Crypto in Social Security Act

Sponsored By: Senator Durbin, Richard J. [D-IL]

Introduced

Summary

Bans Social Security Trust Funds from investing in cryptocurrency. This bill would bar the Trust Funds from buying any "digital asset" or "crypto-related investment" as defined in the text.

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  • Managers of the Social Security Trust Funds would be prohibited from acquiring any asset the bill defines as a digital asset or crypto-related investment.
  • Crypto investment vehicles would be explicitly excluded. That includes funds tied to futures on digital assets and stocks or bonds of public companies that mainly hold digital assets or earn most revenue from crypto services.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Ban on Crypto Investments for Social Security

This bill would prohibit the Social Security Trust Funds from investing in any "digital asset" or any "crypto-related investment." "Digital asset" would be defined by reference to the GENIUS Act (12 U.S.C. 5901). "Crypto-related investment" would include funds tied to futures on digital assets, stocks or bonds of companies that mainly get value or revenue from digital assets, and other assets whose value is tied to digital assets. The ban would apply to investments made under subsection (d) of section 201 of the Social Security Act and would take effect upon enactment if passed.

Sponsors & CoSponsors

Sponsor

Durbin, Richard J. [D-IL]

IL • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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