Two U.S. senators have introduced bipartisan legislation aimed at tightening federal coordination against cryptocurrency-related fraud, as scams involving digital assets continue to target retail users across the country.
Senators Elissa Slotkin and Jerry Moran this week introduced the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, known as the SAFE Crypto Act.
"It's critical we protect Americans against scams in all industries, but especially cryptocurrency as it becomes more popular," Sen. Slotkin said in the statement.
The proposal would establish a federal task force designed to bring together agencies that currently address crypto fraud in isolation.
A focus on practical enforcement
According to the bill text and accompanying statement, the task force would include representatives from the U.S. Treasury, federal law enforcement bodies, financial regulators, and selected private-sector specialists with experience in digital asset investigations.
Slotkin said the legislation reflects the reality that crypto fraud no longer fits neatly within existing regulatory silos. Digital asset scams now touch consumer protection, financial crime, cybercrime, and payments infrastructure, often at the same time.
The proposed task force would concentrate on identifying current scam patterns and developing investigative methods that can be applied consistently across jurisdictions. This includes analyzing fraud schemes tied to phishing, impersonation, and wallet compromise, as well as the movement of stolen funds through on-chain infrastructure.
A central goal of the bill is to improve support for state and local law enforcement, which often lacks the technical capacity to pursue crypto-related cases. The task force would be responsible for sharing investigative tools, training resources, and operational guidance to help local agencies handle cases that involve digital assets.
Public education is also included in the mandate.
The bill calls for coordinated efforts to inform consumers about common crypto scam tactics, particularly those that exploit unfamiliarity with wallets, private keys, or irreversible transactions.
Reporting requirements and congressional oversight
Under the SAFE Crypto Act, the task force would be required to deliver its first report within one year of being established. That report would be submitted to the Senate Banking Committee, the Senate Agriculture Committee, and the corresponding House committees.
Annual updates would follow, outlining enforcement challenges, emerging fraud trends, and progress made.
Moran said the legislation is intended to strengthen consumer protection as cryptocurrency becomes more integrated into everyday financial activity, including payments and investing.
"As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams," said Sen. Moran.
Why the timing matters
The proposal arrives amid growing concern about the scale of crypto-related crime. A Chainalysis report published in January estimated that illicit cryptocurrency transactions totaled $51.3 billion in 2024, reflecting a broader range of criminal activity than in previous years.
Legal practitioners have noted that while agencies such as the SEC and CFTC focus heavily on market structure and compliance, lower-level fraud, hacks, and retail scams often fall outside clear enforcement ownership.
Gabriel Shapiro, a crypto-focused attorney, commented that a coordinated task force could address this gap by aligning investigative priorities across agencies.
U.S. Senator Moran proposes the SAFE Crypto Act establishing a task force for dealing with crypto scams!!!
— _gabrielShapir0 (@lex_node) December 16, 2025
would have AG, Director FinCEN, Director Secret Service, other agency heads, scam victims, representatives of stablecoin issuers, custodians, etc.
devoted to detecting… pic.twitter.com/i94tn2sHdm
Gabriel Shapiro Comments.
A shift toward coordination over expansion
The SAFE Crypto Act does not introduce new criminal penalties or expand regulatory authority. Its emphasis is structural rather than punitive, aimed at improving coordination, information sharing, and enforcement effectiveness within existing legal frameworks.
If adopted, the bill would mark a step toward treating crypto fraud as a cross-agency problem rather than a niche issue tied to a single regulator.
Matvii Diadkov
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