U.S. senators introduced a bipartisan bill on Monday aimed at tightening federal coordination against cryptocurrency-related scams as lawmakers frame digital asset fraud as a growing national threat.
Bipartisan Bill Seeks Unified Federal Response
U.S. Senator Elissa Slotkin (D-MI) and Senator Jerry Moran (R-KS) introduced the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, or SAFE Crypto Act, according to a statement released on Monday.
The legislation would create a federal task force bringing together the Treasury Department, law enforcement agencies, financial regulators, and private-sector experts to combat cryptocurrency fraud.
The task force would identify, track, and disrupt scams involving digital assets.
It would also improve coordination among agencies that currently operate with limited overlap.
Focus On Enforcement Gaps And Local Policing
Under the bill, the task force would study trends in cryptocurrency scams and evaluate methods to prevent fraud more effectively.
It would also work to equip local law enforcement with improved investigative tools and expand public awareness around common scam tactics.
“It’s critical we protect Americans against scams in all industries, but especially cryptocurrency as it becomes more popular,” Slotkin said.
She added, “This task force, established by the SAFE Cryptocurrency Act, will allow us to draw upon every resource we have to combat fraud in digital assets.”
Mandatory Reporting To Congress
The legislation requires the task force to deliver an initial report within one year of its establishment to the Senate Banking and Agriculture committees, as well as the House Financial Services and Agriculture committees.
Follow-up reports would be submitted annually, providing lawmakers with updates on emerging threats and enforcement progress.
Moran said the measure aims to strengthen cooperation among government agencies, law enforcement, and the financial services industry as digital assets become more widely used.
Industry Voices Flag Enforcement Blind Spots
Crypto attorney Gabriel Shapiro wrote on X that the proposal could help address areas where oversight has lagged.
He noted that existing regulators are not always focused on issues such as hacks and phishing attacks.
Shapiro also pointed to smaller fraud schemes that often fall outside enforcement priorities.
Blockchain analytics firm Chainalysis has previously reported that illicit cryptocurrency volume reached an estimated $51.3 billion in 2024, highlighting the expanding range of criminal activity across digital asset networks.
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