US senators introduce bipartisan bill to combat crypto fraud

U.S. Senators Elissa Slotkin and Jerry Moran have introduced the bipartisan "Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act" aimed at improving federal coordination against crypto scams. The proposed legislation seeks to create a federal task force comprising the Treasury, law enforcement, financial regulators, and private experts to identify, track, and disrupt cryptocurrency fraud. Senator Slotkin emphasized the need to protect Americans as crypto grows more popular by utilizing all available resources. The task force will examine current scam trends, identify prevention methods, provide local law enforcement with better investigative tools, and boost public awareness. The bill requires the task force to report its initial findings within one year to the Senate Banking and Agriculture committees and the House Financial Services and Agriculture committees, followed by annual reports. Senator Moran stated the legislation aims to counter threats as cryptocurrency use expands. A crypto lawyer noted the bill could fill enforcement gaps where agencies like the SEC/CFTC are less focused, such as on hacks and phishing schemes. This effort follows a Chainalysis report indicating that illicit crypto volume reached $51.3 billion in 2024.

(Source：The Block)