Crypto scams are getting faster, smarter and harder to track. Lawmakers are now treating them as a growing national problem, and they want a coordinated federal response.
This week, U.S. Senators Elissa Slotkin and Jerry Moran introduced a bipartisan bill aimed squarely at crypto-related fraud. The proposal, called the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, would create a dedicated federal task force focused on detecting and preventing cryptocurrency scams.
The bill proposes forming a multi-agency task force led by the U.S. Treasury, bringing together officials from the Attorney General’s office, FinCEN, the U.S. Secret Service, and other federal and state agencies.
Unlike past crypto legislation, this effort is not about market rules or asset classification. The focus is narrow and practical: scams, fraud, phishing attacks, and Ponzi-style schemes that continue to drain billions from investors.
The task force would also include private-sector participants, such as stablecoin issuers, digital asset custodians, and blockchain intelligence firms, along with representatives for scam victims and law enforcement.
“This task force, established by the SAFE Cryptocurrency Act, will allow us to draw upon every resource we have to combat fraud in digital assets,” Slotkin said.
The push comes as crypto-related crime continues to climb. According to Chainalysis, more than $2.17 billion was already stolen from crypto services by mid-2025, surpassing the total recorded for all of 2024.
At the same time, crypto ATM fraud is emerging as a growing concern. Between January and November 2025, losses tied to crypto ATM fraud have already reached approximately $333 million.
“As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams,” Moran said.
Crypto lawyer Gabriel Shapiro said the proposal could address blind spots in current enforcement. “Feels like this could be very useful! SEC/CFTC not really focused on things like hacks, phishing, petty ponzi schemes, etc,” he wrote.
Blockchain forensic firm TRM Labs has also signaled support, saying closer coordination between industry and law enforcement could help disrupt scam networks in real time.
If passed, the task force would issue an initial report within one year, followed by annual updates to congressional committees.
For now, the bill signals a clear shift: Washington is focusing directly on crypto scams where losses are mounting fastest.
The SAFE Crypto Act is a bipartisan bill proposing a federal task force to detect, prevent, and disrupt cryptocurrency scams and fraud.
No. The bill focuses only on enforcement against scams and fraud, not on classifying crypto assets or setting trading rules.
It could improve coordination, speed up scam detection, protect consumers, and help recover funds by uniting agencies and industry experts.
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