SAFE Crypto Act unites U.S. agencies to combat crypto fraud
Two US lawmakers have proposed new legislation to strengthen efforts against cryptocurrency-related fraud and scams by enhancing coordination among federal agencies and the private sector.
The Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE) Act, introduced on Monday by Democrat Elissa Slotkin and Republican Jerry Moran, would align actions by the US Treasury, law enforcement, regulators, and industry participants to identify and pursue crypto fraud and scam operations.
Slotkin said the bill would establish a task force to leverage all available resources to address fraud in digital assets. Moran added that as cryptocurrency adoption grows, the measure is intended to counter threats and improve protections for Americans against crypto scams.
The Federal Bureau of Investigation reported that Americans lost $9.3 billion to crypto-related investment scams in 2024, a 66% increase from 2023. Individuals over 60 were the most impacted, with losses totaling $2.84 billion.
These figures include investment schemes that reference crypto in their pitch; many do not involve the use of blockchain or cryptocurrencies.
Despite ongoing public and private awareness efforts, schemes targeting investors have grown more sophisticated.
Gabriel Shapiro, general counsel at Delphi Labs, said on X on Tuesday that a robust implementation of the SAFE Act could significantly disrupt scam operations, noting that high-ranking officials—such as the attorney general, the director of the Financial Crimes Enforcement Network, and the director of the United States Secret Service—would be involved in enforcement actions.
TRM Labs to support enforcement efforts
Blockchain analytics firm TRM Labs indicated it is prepared to assist US authorities. Ari Redbord, the company’s vice president and global head of policy, said collaboration between industry and law enforcement could help track and disrupt illicit networks in real time, reducing criminals’ ability to exploit emerging technologies.
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