Washington tightens the noose on cryptocurrency fraud with the SAFE Crypto Act
• Introduction of the bipartisan SAFE Crypto Act to combat fraud in cryptocurrencies.
• Creation of a federal task force led by the Department of the Treasury, including FinCEN, the Secret Service, and federal and state enforcement agencies.
• Shift focus from regulation to enforcement targeting fraud, phishing, and Ponzi schemes.
• Involvement of the private sector (stablecoin issuers, custodians, blockchain analysis firms) and fraud victims.
• Alarming numbers: $2.17 billion stolen by mid-2025, and $333 million lost to cryptocurrency ATM fraud.
• Legal and industry support for the initiative to close gaps in the enforcement of existing laws.
• Upon approval: preliminary report within a year followed by annual reports to Congress.