TechFlow, December 17 — Senators Elissa Slotkin and Jerry Moran jointly introduced a bipartisan bill called the "Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto Act)," aimed at enhancing federal coordination to combat cryptocurrency-related fraud.
The bill proposes establishing a federal task force that brings together the Department of the Treasury, law enforcement agencies, financial regulators, and private-sector experts to identify, track, and combat cryptocurrency fraud. The task force will analyze fraud trends, provide investigative tools, and raise public awareness about common crypto scams. It is required to submit its first report to Congress within one year of formation and update annually.
Senators stated that as cryptocurrencies become more widespread, the bill will help protect the public from fraudulent threats. Industry insiders believe the legislation could help fill regulatory gaps, particularly regarding hacking incidents, phishing scams, and small-scale Ponzi schemes. A Chainalysis report shows that illicit cryptocurrency transactions reached $51.3 billion in 2024, indicating increasingly diverse criminal activities.
