Senators Introduce Bipartisan Bill to Establish Federal Crypto Scam Taskforce
Senators Elissa Slotkin and Jerry Moran have introduced the bipartisan SAFE Crypto Act to combat cryptocurrency scams. The bill requires the Secretary of the Treasury to establish a federal taskforce within 180 days, including government officials and crypto industry representatives. The taskforce's main goals are scam detection and prevention, fostering cross-sector collaboration, collecting broad stakeholder input, promoting information sharing, and supporting asset recovery. It must meet at least three times a year and focus on identifying scam tactics, developing prevention methods, educating the public, coordinating law enforcement, and collaborating internationally. Within a year, the taskforce must produce a report with practices, strategies, and legislative recommendations. The bill aims to strengthen coordination between agencies and industries, responding to significant increases in global crypto scams and theft—which exceeded $53 billion since 2023. The SAFE Crypto Act is described as a foundational step toward a more coordinated approach to tackling crypto-enabled fraud. Data indicates crypto fraud losses are rising, with $1.7 billion lost to hacks and scams by April 2025, surpassing total losses in 2024.
