US Senators Push for Stronger Crypto Fraud Protection with SAFE Crypto Act

TLDR

• Senators Elissa Slotkin and Jerry Moran introduced the bipartisan “SAFE Crypto Act” to combat crypto fraud in the U.S.
• The bill proposes a federal task force to bring together regulators, law enforcement, and experts to address crypto scams.
• The task force will focus on trends in digital asset scams, providing law enforcement with better tools for investigation.
• A recent Chainalysis report estimates illicit crypto transactions reached $51.3 billion in 2024, highlighting the need for action.
• The SAFE Crypto Act aims to create stronger protections as cryptocurrency adoption grows, ensuring safeguards against fraud.

U.S. Senators Elissa Slotkin and Jerry Moran have introduced a bipartisan bill aimed at addressing crypto fraud. The proposed legislation seeks to strengthen federal coordination in identifying, tracking, and disrupting cryptocurrency-related scams. The bill, called the “SAFE Crypto Act,” would establish a task force to enhance the government’s ability to tackle digital asset fraud.

SAFE Crypto Act Creates Task Force to Combat Crypto Fraud

The SAFE Crypto Act proposes the creation of a federal task force to address the growing issue of crypto fraud. This task force will bring together the Treasury, law enforcement agencies, financial regulators, and private-sector experts to collaborate. The goal is to identify new fraud patterns and develop effective methods for combating crypto-related crimes.

Senator Elissa Slotkin emphasized the importance of this initiative, saying, “It’s critical we protect Americans against scams in all industries, but especially cryptocurrency.” She added that the task force will draw upon all available resources to combat digital asset fraud. The task force will also work to enhance the investigative tools available to local law enforcement.

The task force is expected to focus on current trends in digital asset scams, providing local law enforcement with resources to address these issues. The bill mandates the task force to submit annual updates to the Senate Banking and Agriculture committees, as well as the House Financial Services and Agriculture committees. The first report will be delivered within one year of the task force’s establishment.

Senators’ Efforts to Counter Growing Crypto Scams

Senator Jerry Moran, who co-sponsored the bill, echoed Slotkin’s sentiment about the importance of addressing crypto fraud. He stated, “As cryptocurrency becomes more widely used, this legislation would help counter threats and protect Americans from scams.”

The bill aims to ensure that, as cryptocurrency adoption increases, proper safeguards are in place to protect users from fraudulent activities. Crypto fraud is a growing issue, with a recent report from Chainalysis estimating that illicit cryptocurrency transactions reached $51.3 billion in 2024.

The SAFE Crypto Act seeks to close enforcement gaps and provide stronger legal frameworks for investigating digital asset crimes. By fostering closer collaboration between regulators, law enforcement, and the private sector, the bill aims to reduce the impact of crypto fraud on the public.

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