US Democrats Elissa Slotkin and Jerry Moran have introduced a new bill, the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE) Act, to reduce cryptocurrency scams and fraud.
The SAFE Act would set up a task force to coordinate efforts among the US Treasury, law enforcement, regulators, and industry groups.
Slotkin said the group would help the government use all available resources to fight digital asset fraud. Moran added that as more people use cryptocurrency, the new law would improve Americans’ protection against online scams.
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Recent FBI data shows that cryptocurrency fraud remains a major problem. In 2024, Americans lost around $9.3 billion to crypto investment scams. Older adults, especially those over 60, suffered the most, with total losses reaching $2.84 billion.
Gabriel Shapiro, general counsel at Delphi Labs, said the SAFE Act could make life harder for scammers if it is properly enforced. In a post on X, he stated that fraudsters might panic if the law were to be applied.
He noted that key figures, including the attorney general, the director of the Financial Crimes Enforcement Network, and the US Secret Service director, would oversee investigations.
Shapiro also said the plan could fill a gap in enforcement. He explained that while current regulators, like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), focus on financial compliance, they do not always target hackers, scam networks, or Ponzi schemes.
The Financial Conduct Authority (FCA) in the United Kingdom released three papers for public consultation on December 16. What do the documents cover? Read the full story.
