The United States is preparing to crack down on the rising wave of cryptocurrency-related fraud. Two U.S. senators – Democrat Elissa Slotkin and Republican Jerry Moran – have introduced a new bill called the SAFE Crypto Act, aimed at creating a federal task force focused on preventing and investigating crypto fraud.
Goal: Strengthen Cross-Sector Cooperation
The proposed unit would be established within 180 days of the bill’s passage and would coordinate activities between government agencies, regulators, industry representatives, blockchain analytics providers, and crypto exchanges.
The task force would be responsible for:
🔹 Detecting and preventing fraud
🔹 Creating a cross-sector anti-fraud strategy
🔹 Gathering insights from all key stakeholders
🔹 Facilitating information sharing
🔹 Working to recover fraudulently acquired assets
The task force would meet at least three times a year and would be required to publish a comprehensive report within one year, outlining its strategies, findings, and any recommended regulatory or legislative changes.
A Coordinated Attack on Crypto Criminals
Lawmakers hope this bill will significantly improve coordination between state entities, regulatory bodies, and the private sector. The crypto world has been a frequent target of sophisticated attacks and fraud – with losses exceeding $53 billion since 2023, according to analysts.
By April 2025 alone, losses had already surpassed $1.7 billion – more than the total for all of 2024. These alarming figures have spurred urgent legislative action.
Industry Experts May Join the Team
Potential members of the task force could include specialists from blockchain security and analytics firms. Their role will be vital in identifying new fraud methods, proposing consumer protection measures, and helping law enforcement pursue international crypto criminals.
First Step Toward Broader Regulation?
The SAFE Crypto Act may only be the beginning. The bill expects the task force to recommend further legislative reforms, potentially leading to broader regulatory changes for the crypto industry. Emphasis is placed on swift responses, asset freezing, seizure, and dismantling of fraud infrastructures.
As cryptocurrencies gain traction and fraud techniques become increasingly advanced, this initiative could be a milestone in restoring investor confidence and protecting the integrity of digital finance.
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