Two United States senators have introduced new legislation designed to strengthen enforcement against cryptocurrency fraud and scams.
The Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, known as the SAFE Crypto Act, was introduced by Democrat Elissa Slotkin and Republican Jerry Moran.
The bill seeks to improve coordination between the US Treasury, law enforcement agencies, regulators and private sector partners.
Under the proposal, agencies including FinCEN and the United States Secret Service would work together to identify and disrupt crypto-related fraud.
Slotkin said the task force created by the legislation would draw on every available resource to combat digital asset crime.
“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.
Moran said the legislation is intended to better protect Americans as cryptocurrency adoption increases.
“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.
Data from the Federal Bureau of Investigation shows Americans lost $9.3 billion to crypto-related investment scams in 2024.
The reported losses marked a 66% increase compared with figures from 2023.
Individuals aged over 60 accounted for the largest share of losses, totalling $2.84 billion.
Officials noted that some scams only reference cryptocurrency without involving blockchain technology directly.
Despite awareness campaigns, fraudsters have continued to develop more sophisticated methods to deceive investors.
Gabriel Shapiro said effective enforcement could have a major psychological impact on criminals.
“Scammers will probably end up shitting themselves if this goes hard,” Gabriel Shapiro said.
Shapiro said senior officials, including the attorney general and heads of financial crime agencies, would be directly involved.
He added that existing securities and commodities regulators have not prioritised pursuing crypto scammers.
Blockchain analytics firm TRM Labs has signalled its willingness to support enforcement efforts.
Ari Redbord said cooperation between industry and authorities could disrupt illicit networks more effectively.
“By bringing industry and law enforcement together, we can meaningfully reduce criminals’ ability to exploit transformative technologies for harm,” Ari Redbord said.