Newly introduced legislation, known as the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE) Act, aims to bolster efforts of US law enforcement agencies in identifying and apprehending cryptocurrency fraudsters. This bipartisan initiative, brought forth by Senators Elissa Slotkin and Jerry Moran, seeks to unify the US Treasury, FBI, and other bodies in a coordinated fight against crypto scams.
“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 Slotkin.
Moran commented, “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 revealed that Americans lost an astonishing $9.3 billion to crypto-related scams in 2024, representing a 66% increase from the previous year. The most affected demographic is individuals over the age of 60, who suffered losses totaling $2.84 billion. Although this alarming statistic includes general investment scams mentioning crypto, it illustrates the pervasive threat of crypto fraud.
Despite ongoing public awareness campaigns, scams have become increasingly sophisticated, making it crucial for effective legislation like the SAFE Crypto Act. Shapiro, from Delphi Labs, warned that successful legislation could induce panic among fraudsters:
“Scammers will probably end up shitting themselves if this goes hard,” Shapiro stated via social media.
He emphasized that top officials would be committed to pursuing crypto criminals. In addition, TRM Labs has expressed readiness to assist authorities, as Ari Redbord noted:
“By bringing industry and law enforcement together, we can meaningfully reduce criminals’ ability to exploit transformative technologies for harm.”
This new approach could facilitate real-time tracking of illicit cryptocurrency activities, marking a significant milestone in the ongoing battle against digital fraud.
