Senators Introduce Bipartisan Bill to Establish Federal Crypto Scam Taskforce
Senators Elissa Slotkin (D-MI) and Jerry Moran (R-KS) have introduced the bipartisan SAFE Crypto Act, which aims to create a federal taskforce dedicated to combating cryptocurrency fraud.
The taskforce is to be established within 180 days of the bill's enactment and will comprise government officials alongside representatives from the crypto industry, including exchanges and blockchain intelligence firms.
Its primary objectives include scam detection and prevention, cross-sector fraud prevention, gathering information from stakeholders, facilitating information sharing among participants, and asset recovery and seizure.
The taskforce will convene at least three times annually with a focus on identifying scam methods, developing prevention strategies, educating the public, coordinating law enforcement efforts, and working in collaboration with foreign governments.
Within one year of its formation, the taskforce is mandated to issue a detailed report outlining its practices, strategies, and any recommended regulatory or legislative changes.
The bill seeks to strengthen coordination among government agencies, law enforcement, and the financial services industry to address crypto fraud through a comprehensive, cross-sector approach.
Industry voices, such as TRM Labs, support the act, recognizing that a coordinated response beyond mere information sharing is essential in tackling crypto fraud, especially given the context of significant losses.
Since 2023, over $53 billion has been stolen globally in crypto-enabled scams and thefts. According to ImmuneFi, crypto hack and scam losses reached approximately $1.7 billion by April 2025, surpassing the $1.49 billion recorded in all of 2024.
