WASHINGTON— Sens. Elissa Slotkin (D-MI) and Jerry Moran (R-KS) have introduced bipartisan legislation aimed at strengthening the federal government’s response to cryptocurrency-related scams, according to Analytics Insight.
The Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act would create a federal task force dedicated to identifying, tracking, and disrupting digital-asset fraud, which lawmakers say has grown increasingly sophisticated.
Under the proposal, the task force would include agencies such as the U.S. Department of the Treasury and the Financial Crimes Enforcement Network, along with other federal regulators and private-sector blockchain experts. The group would be tasked with coordinating enforcement efforts and sharing intelligence in real time, Analytics Insight explained.
Unlike traditional enforcement actions that often occur after losses have mounted, the task force would focus on intervening as crypto-related scams unfold. By combining regulatory authorities with blockchain analytics tools, the group would seek to trace illicit transactions and stop fraud before losses escalate, Analytics Insight noted.
The legislation targets a range of crypto-related crimes, including investment fraud, phishing schemes, ransomware attacks, and money laundering. Lawmakers said a coordinated, cross-agency approach is needed to address the global and decentralized nature of cryptocurrency networks that scammers increasingly exploit.