Senator Dick Durbin, D-Illinois, introduced a bill to prevent Social Security funds from being invested in cryptocurrencies, a rebuke of President Donald Trump’s affinity for the asset class.
Currently, Social Security funds are held in U.S. Treasurys, and Trump has not called for the funds to be invested in cryptocurrency, but he issued an executive order in August 2025 encouraging defined contribution investment in alternative assets—including digital assets.
“Social Security is a bedrock promise that hardworking Americans who pay into the program will earn their retirement,” said Durbin in announcing the bill. “If the Social Security Trust Funds were allowed to invest in crypto, any downturn in the crypto market could create huge losses for seniors and people with disabilities and their families, disrupting Social Security’s promise. My bill will ensure the Social Security Trust Funds are never gambled away on cryptocurrencies, preventing this risky asset from backing Americans’ retirement funds and blocking the President from further lining his own pockets.”
The No Crypto in Social Security Act specifically states that cryptocurrency or “any other asset or investment whose value is tied to, or derived from, digital assets” should not be eligible investments.
The legislation is mostly a public rebuke of Trump’s support for digital assets, since Social Security’s trust funds are not invested in anything other than U.S. Treasurys, and no bill or initiative seeks to change that.
In addition to Trump’s executive order, the DOL rescinded previous guidance issued during President Joe Biden’s administration that warned of the risk of cryptocurrency investments. Instead, Trump’s DOL has taken a “neutral” stance.
Trump signed a bill providing a regulatory framework for stablecoins into law in July 2025. Trump has also supported the Clarity Act, which would divided crypto regulation between the Securities and Exchange Commission and the Commodity Futures Trading Commission. That bill lost traction after opposition from the banking industry and crypto firms; it remains in committee.
Durbin’s bill was referred to the Senate Committee on Finance.