US senators proposed the SAFE Crypto Act to coordinate Treasury, law enforcement, and private firms against crypto scams, including social engineering attacks. Backers say stronger enforcement tools could sharply curb fraud as crypto-related losses surge.

U.S. Senators Elissa Slotkin (D‑MI) and Jerry Moran (R‑KS) have introduced the bipartisan Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, aimed at cracking down on crypto fraud and scams as consumer losses rise. The bill would create a formal federal crypto fraud task force led by the Department of the Treasury that brings together Treasury, federal and local law enforcement, financial regulators, and private‑sector firms such as exchanges, custodians, stablecoin issuers, blockchain analytics providers, and consumer advocates to better detect, track, and disrupt illicit activity.

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More coverage

• News Releases - U.S. Senator for Kansas, Jerry Moran (moran.senate.gov)
• Slotkin, Moran Introduce Bipartisan Bill to Crack Down on ... (slotkin.senate.gov)
• Crypto Task Force - SEC.gov (sec.gov)
• Will a new law make cryptocurrency safer? (hls.harvard.edu)
• GENIUS Act - Wikipedia (en.wikipedia.org)

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