U.S. SAFE Crypto Act Proposes Federal Task Force to Combat Growing Crypto Scams

U.S. Senator Elissa Slotkin (D‑MI) and Senator Jerry Moran (R‑KS) have introduced the bipartisan Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, citing the urgent need for stronger protections as crypto‑related scams grow increasingly sophisticated.

The legislation establishes a federal task force bringing together the Treasury Department, federal law enforcement, financial regulators, and private‑sector experts to coordinate national efforts to identify, track, and disrupt cryptocurrency fraud. 

The task force would also provide support to local law enforcement, expand public‑awareness initiatives to help Americans safeguard their money, and deliver regular updates to Congress on emerging threats and enforcement progress.

In addition to government agencies, the task force would include private-sector participants, such as stablecoin issuers, digital‑asset custodians, and blockchain‑intelligence firms, as well as representatives for scam victims and law enforcement.

“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,” said Sen. Slotkin.

The bill focuses on practical, high‑impact threats, including investment scams, phishing attacks, and Ponzi‑style operations.

Data from Chainalysis, a blockchain‑analysis firm, shows that more than $2.17 billion had already been stolen from crypto services by mid‑2025, exceeding the total losses recorded for all of 2024. Meanwhile, crypto ATM fraud has surged, with losses reaching an estimated $333 million between January and November 2025.

Sen. Moran said, “As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams.” 

Know more about the evolution of crypto scams in 2025 here.