,,ii  #aaith ,,congress  #b;d ,session  
,s4 #daeg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #ai1    
#bjbf ,mr4 ,durbin 7for himself1 ,ms4   
,warren1 ,mr4 ,welch1 ,mr4 ,sanders1    
,ms4 ,smith1 and ,ms4 ,hirono7          
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to prohibit
 bailouts of digital asset market       
participants1 and for other purposes4   
#a4 ,short title ,this ,act may be cited
 as the ,no ,bailout for ,crypto ,act4  
#b4 ,prohibition on bailouts of digital 
asset market participants  7a7          
,definitions ,in this section3  7#a7    
,blockchain ,the term blockchain means  
technology-- 7,a7 through which data is 
shared across a network that creates a  
public blockchain of verified           
transactions or information among       
network participants2 and  7,b7 in which
 cryptography is used to link the data  
described in subparagraph 7,a7-- 7i7 to 

maintain the integrity of the blockchain
 described in that subparagraph2 and    
7ii7 to execute other functions4  7#b7  
,decentralized finance trading protocol 
,the term decentralized finance trading 
protocol means a blockchain system      
through which multiple participants can 
execute a financial transaction--  7,a7 
in accordance with an automated rule or 
algorithm that is predetermined and     
non-discretionary2 and  7,b7 without    
reliance on any other person to maintain
 control of the digital assets of the   
user during any part of the financial   
transaction4  7#c7 ,digital asset       
intermediary ,the term digital asset    
intermediary means any person that      
provides services that are financial in 
nature1 as defined in section #d7k77#d7 
of the ,bank ,holding ,company ,act 7#ab
 ,u4,s4,c4 #ahdc7k77#d771 with respect  
to any digital asset4  7#d7 ,financial  
service provider ,the term financial    
service provider means a financial      
service provider that is regulated by a 

,federal banking agency1 as defined in  
section #c of the ,federal ,deposit     
,insurance ,act 7#ab ,u4,s4,c4 #ahac74  
7#e7 ,,genius ,act terms ,the terms     
digital asset1 digital asset service    
provider1 and distributed ledger        
protocol have the meanings given those  
terms1 respectively1 in section #b of   
the ,,genius ,act 7#ab ,u4,s4,c4 #eija74
  7b7 ,prohibition on financial         
assistance ,a ,federal agency may not   
provide financial assistance to a       
digital asset intermediary1 digital     
asset service provider1 distributed     
ledger protocol1 decentralized finance  
trading protocol1 or financial service  
provider with respect to digital asset  
activities1 to prevent the failure or   
bankruptcy of the digital asset         
commodity intermediary4  7c7 ,emergency 
liquidity facilities ,a digital asset   
intermediary1 digital asset service     
provider1 distributed ledger protocol1  
decentralized finance trading protocol1 
or financial service provider with      

respect to digital asset activities may 
not have access to any emergency        
liquidity facility established under    
section #ac7c7 of the ,federal ,reserve 
,act 7#ab ,u4,s4,c4 #cdc74  7d7         
,exchange ,stabilization ,fund ,the     
,secretary of the ,treasury may not use 
any amounts in the ,exchange            
,stabilization ,fund established under  
section #ecjb of title #ca1 ,united     
,states ,code1 for the benefit of any   
digital asset intermediary1 digital     
asset service provider1 distributed     
ledger protocol1 decentralized finance  
trading protocol or financial service   
provider with respect to digital asset  
activities4  7e7 ,rule of construction  
,the prohibition under subsection 7b7   
shall not alter the ,federal ,reserve's 
authority to lend to depository         
institutions under section #aj;,b of the
 ,federal ,reserve ,act 7#ab ,u4,s4,c4  
#cdg;b74