US Senators Introduce SAFE Crypto Act to Target Rising Crypto Scams

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Crypto scams are getting faster, smarter and harder to track. Lawmakers are now treating them as a growing national problem, and they want a coordinated federal response.

This week, U.S. Senators Elissa Slotkin and Jerry Moran introduced a bipartisan bill aimed squarely at crypto-related fraud. The proposal, called the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, would create a dedicated federal task force focused on detecting and preventing cryptocurrency scams.

What the SAFE Crypto Act Will Do

The bill proposes forming a multi-agency task force led by the U.S. Treasury, bringing together officials from the Attorney General’s office, FinCEN, the U.S. Secret Service, and other federal and state agencies.

Unlike past crypto legislation, this effort is not about market rules or asset classification. The focus is narrow and practical: scams, fraud, phishing attacks, and Ponzi-style schemes that continue to drain billions from investors.

The task force would also include private-sector participants, such as stablecoin issuers, digital asset custodians, and blockchain intelligence firms, along with representatives for scam victims and law enforcement.

Why Now? The Threat Is Escalating

The push comes as crypto-related crime continues to climb. According to Chainalysis, more than $2.17 billion was already stolen from crypto services by mid-2025, surpassing the total recorded for all of 2024.

At the same time, crypto ATM fraud is emerging as a growing concern. Between January and November 2025, losses tied to crypto ATM fraud have already reached approximately $333 million.

A Gap in Enforcement

Crypto lawyer Gabriel Shapiro said the proposal could address blind spots in current enforcement. “Feels like this could be very useful! SEC/CFTC not really focused on things like hacks, phishing, petty ponzi schemes, etc,” he wrote.

Blockchain forensic firm TRM Labs has also signaled support, saying closer coordination between industry and law enforcement could help disrupt scam networks in real time.

What Happens Next

If passed, the task force would issue an initial report within one year, followed by annual updates to congressional committees.

For now, the bill signals a clear shift: Washington is focusing directly on crypto scams where losses are mounting fastest.