Two U.S. senators have unveiled new legislation designed to combat crypto-related fraud and scams by strengthening law enforcement’s ability to detect attacks and track down those responsible.
The Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE) Act, introduced Monday by Democrat Elissa Slotkin and Republican Jerry Moran, aims to improve coordination among the U.S. Treasury, law enforcement agencies, regulators, and private-sector participants in addressing crypto fraud and scams.
“This task force, created under the SAFE Cryptocurrency Act, will enable us to bring together every available resource to fight fraud in digital assets,” Slotkin said. Moran added:
“As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams.”
The Federal Bureau of Investigation said Americans lost $9.3 billion to crypto-related investment scams in 2024, a 66% jump from the previous year. Older adults were hit hardest, with people aged 60 and above accounting for $2.84 billion in losses.
The FBI noted that the total includes any investment scam that merely references cryptocurrency as part of its pitch, even if it does not actually involve blockchain technology or digital assets.
Despite increased public- and private-sector efforts to educate investors, crypto scammers have continued to evolve, using more sophisticated tactics to siphon funds from victims.
Still, Gabriel Shapiro, general counsel at crypto investment firm Delphi Labs, said the SAFE Crypto Act could dramatically change the landscape if implemented effectively.
“If this is enforced aggressively, scammers are going to panic,” Shapiro wrote in a post on X on Tuesday. He pointed out that the initiative would involve top U.S. officials, including the attorney general, the director of the Financial Crimes Enforcement Network, and the director of the U.S. Secret Service, in the pursuit of crypto-related criminals.
Shapiro said the SAFE Crypto Act could prove “very useful,” noting that U.S. securities and commodities regulators are currently less focused on enforcement actions targeting hackers, scammers, and Ponzi scheme operators.
TRM Labs among private firms offering support
Blockchain intelligence firm TRM Labs is among the private-sector companies prepared to support U.S. authorities. Ari Redbord, the firm’s vice president and global head of policy, said closer collaboration would strengthen efforts to identify, track, and disrupt illicit networks in real time:
“By bringing industry and law enforcement together, we can meaningfully reduce criminals’ ability to exploit transformative technologies for harm.”
