- Bipartisan senators propose a federal task force focused solely on crypto scam enforcement.
- Treasury-led group would unite regulators, police, and blockchain intelligence firms.
- Push comes as crypto scams surge, with billions stolen from platforms by mid-2025.
Two U.S. senators from opposite parties have introduced a new bill directed at protecting Americans from cryptocurrency scams. Senator Elissa Slotkin, a Democrat from Michigan, and Senator Jerry Moran, a Republican from Kansas, announced the SAFE Crypto Act, saying stronger action is needed as digital assets become more common and fraud grows more advanced.
Lawmakers say crypto scams have increased sharply in recent years, costing victims billions of dollars and often overwhelming local police departments that lack the tools to track blockchain-based crimes.
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What the SAFE Crypto Act Would Do?
The proposed law would create a federal task force focused entirely on cryptocurrency scams. The task force would be led by the U.S. Treasury Department and would bring together federal agencies, law enforcement, regulators, and private-sector experts under one coordinated effort.
Its goal would be to identify scams faster, track stolen funds across blockchains, and stop fraud before victims lose their savings. The task force would also help local and state police departments access better technology and intelligence to investigate crypto-related crimes.
Blockchain intelligence firms would help track illicit activity as it happens, making it easier to freeze or recover stolen funds when possible.
Not a Free Pass for Crypto, But More Oversight
Supporters stress that the SAFE Crypto Act is not designed to promote crypto adoption, but to make the system safer. The bill focuses on enforcement, fraud prevention, and accountability rather than easing regulations.
If passed, the task force would be formed within 180 days and would issue a public report to Congress within one year, with regular updates after that.
Crypto Scams On The Rise
Crypto scams are rising sharply in 2025 as more people and businesses use digital assets. Criminals are targeting users through fake investment apps, romance and “pig butchering” scams, phishing emails, Ponzi schemes, ransomware attacks, and major exchange hacks. According to Chainalysis, $2.17 billion was stolen from crypto platforms by mid-2025.
In 2024 alone, criminals moved over $40 billion through illicit crypto addresses, and Americans lost an estimated $10 billion to crypto investment scams.
Hence, the SAFE Crypto Act signals a shift toward tighter coordination and real-time enforcement as digital assets become a permanent part of the financial system.
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Source: https://coinedition.com/billions-lost-to-crypto-scams-push-u-s-senators-to-act/
