U.S. senators propose establishing a federal task force to combat crypto fraud

PANews, December 17 – U.S. Senators Elissa Slotkin and Jerry Moran have jointly introduced a bipartisan bill called the “Strengthening Agency Framework for Enforcement of Crypto Act (SAFE Crypto Act),” aimed at enhancing federal coordination to address crypto-related scams.

The bill proposes the establishment of a federal task force, bringing together the Treasury Department, law enforcement agencies, financial regulators, and private sector experts to jointly identify, track, and combat crypto scams. The task force will analyze scam trends, provide investigative tools, and raise public awareness about common crypto fraud schemes. The task force is required to submit its first report to Congress within one year of its formation and update it annually.

The senators stated that as cryptocurrencies become more widespread, this bill will help protect the public from the threat of scams. Industry insiders believe the legislation will help fill regulatory gaps, especially regarding issues such as hacking, phishing scams, and small-scale Ponzi schemes. According to a Chainalysis report, the volume of illicit crypto transactions reached $51.3 billion in 2024, indicating that related criminal activities are becoming increasingly diverse.