SAFE Crypto Act will have scammers shaking in their boots: Crypto lawyer
The proposed SAFE Crypto Act aims to coordinate federal agencies to combat rising crypto fraud, which a lawyer suggests will significantly deter scammers.Summary
Two US Senators, Elissa Slotkin (Democrat) and Jerry Moran (Republican), introduced the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE) Act to combat growing crypto fraud. The legislation seeks to establish a task force coordinating the US Treasury, FinCEN, the Secret Service, law enforcement, regulators, and private sector entities to better track and prosecute digital asset scams. This comes as Americans lost $9.3 billion to crypto-related investment scams in 2024, a 66% increase from 2023, with seniors being heavily affected. Gabriel Shapiro, general counsel for Delphi Labs, believes that if implemented effectively, the SAFE Crypto Act could cause significant panic among crypto fraudsters, noting that current regulators may not be as focused on enforcement against hackers and Ponzi schemes. Private firms like TRM Labs are prepared to assist officials in tracking and disrupting illicit networks in real-time through this collaboration.
(Source：Cointelegraph)