US Senators Introduce SAFE Crypto Act to Target Rising Crypto Scams
Cryptocurrency scams are evolving rapidly, outpacing detection methods and draining billions from investors. In response, US lawmakers have proposed the SAFE crypto Act, a legislative effort to establish a federal task force dedicated to combating crypto-related fraud. The initiative marks a shift from broader regulatory debates to targeted action against financial crimes in digital assets.
The task force would unite agencies across federal and state levels, including the SEC and CFTC, alongside private sector participants like stablecoin issuers and blockchain analytics firms. Representative Slotkin emphasized the need for coordinated resources to address escalating threats in the cryptocurrency space.
Recent data shows crypto crimes surged in 2024, with crypto ATM fraud emerging as a particularly costly vector. The legislation arrives as adoption grows, creating both opportunities for innovation and vulnerabilities for exploitation.
