Bipartisan SAFE Crypto Act Targets Fraud With New Enforcement Task Force
Washington intensifies its crackdown on cryptocurrency scams as Senators Slotkin (D-MI) and Moran (R-KS) introduce legislation creating a federal task force. The SAFE Crypto Act, filed as S.3428, would coordinate Treasury, law enforcement, and private sector efforts to track and disrupt illicit transactions in real time.
The proposed framework comes amid rising reports of phishing schemes and fraudulent investment pitches exploiting blockchain networks. Unlike previous reactive approaches, this initiative emphasizes preemptive threat detection through shared intelligence between agencies.
Beyond enforcement, the bill allocates resources for public education campaigns. These WOULD teach consumers to identify red flags in crypto-related solicitations—a move that could reduce successful scams before they require intervention.
