WASHINGTON — A bipartisan bill introduced in the U.S. Senate would establish a federal task force aimed at combating cryptocurrency-related scams as fraud losses tied to digital assets continue to rise.
The proposed Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, or SAFE Crypto Act, would create a coordinated task force bringing together the Treasury Department, law enforcement agencies, financial regulators and private-sector experts to address crypto fraud, according to a joint statement released by Sens. Elissa Slotkin )(D-MI) and Jerry Moran (R-KS).
Under the legislation, the task force would work to improve tools available to law enforcement, expand public education on how consumers can protect themselves from cryptocurrency scams, and provide Congress with regular updates on emerging threats and enforcement efforts.
“It’s critical we protect Americans against scams in all industries, but especially cryptocurrency as it becomes more popular,” Slotkin said in the statement.
Threat to Financial Security
She said the bill focuses on equipping law enforcement to combat crypto scams while ensuring consumers understand how to safeguard their money.
Moran said growing fraud and payment scams pose a threat to financial security. “Protecting the financial security and well-being of Kansans is critical,” he said.
The legislation comes amid mounting evidence of rising crypto-related crime. Cryptocurrency thefts totaled $3.4 billion from January through early September, according to recent findings from blockchain analytics firm Chainalysis. The company said the increase was driven in part by a surge in personal wallet compromises.
What FBI Data Show
Separately, the FBI Internet Crime Complaint Center reported in April that cryptocurrency fraud losses reached $9.3 billion in 2024, a 66% increase from the prior year. Between January 2024 and April 2025, the FBI said it notified more than 5,400 victims of crypto-related fraud, many of whom were unaware they had been targeted.
In June, the U.S. Department of Justice filed a civil forfeiture complaint seeking more than $225 million in cryptocurrency it said was tied to investment fraud schemes and money laundering.
