U.S. Senators Introduce SAFE Act to Combat $9.3B Crypto Fraud Surge
Bipartisan legislation targets the alarming 66% spike in crypto-related scams reported by the FBI in 2024. The SAFE Act empowers law enforcement with new tools to track illicit transactions while fostering public-private partnerships.
Senators Slotkin and Moran's bill addresses a critical vulnerability: elderly investors accounted for nearly half of last year's losses. 'This isn't about stifling innovation,' Slotkin stated during the bill's announcement, 'It's about bringing crypto fraudsters to justice with 21st-century methods.'
The proposed task force WOULD coordinate Treasury, SEC, and blockchain analytics firms—a model resembling post-9/11 financial surveillance frameworks. Industry observers note the timing coincides with Bitcoin's resurgence, creating unusual allies between crypto exchanges and regulators.
