A new anti-cryptocurrency fraud bill has been introduced in the United States.
US Senators Elissa Slotkin (Democrat) and Jerry Moran (Republican) have introduced a bipartisan bill called the SAFE Crypto Act, which aims to seriously combat cryptocurrency fraud.
What the bill does
Creates a federal task force consisting of the Treasury Department, the Department of Justice, the US Secret Service and blockchain analysis companies to identify and stop cryptocurrency fraud in real time.
Why now?!
According to the FBI, losses from cryptocurrency fraud will reach $9.3 billion in 2024, a 66% increase from the previous year.
Main Focus Areas‼️
☑️Ponzi and Ragpool Schemes
☑️Fake Token Offerings
☑️Pig Butchering Scams
☑️Crypto ATM Abuse and Fraud
The bill also requires stablecoin issuers to be able to freeze assets associated with illegal activities.
The bill focuses on law enforcement and tackling crime, not on new regulations for trading; a positive step to clean up the market and protect investors.