Bipartisan SAFE Crypto Act Targets Fraud with New Federal Task Force
U.S. Senators Jerry Moran (R-KS) and Elissa Slotkin (D-MI) introduced the Strengthening Agency Frameworks for Enforcement (SAFE) of cryptocurrency Act, a bipartisan bill establishing a federal task force to combat crypto-related scams. The task force would unite Treasury officials, law enforcement, financial regulators, and private sector experts to detect and prevent fraud.
The legislation specifically targets money laundering, Ponzi schemes, rug pulls, and fraudulent token sales. It also mandates public awareness campaigns about Bitcoin scams and equips local authorities with enhanced investigative tools.
Cryptocurrency lawyer Gabriel Shapiro noted the bill could close enforcement gaps, as current regulators like the SEC and CFTC often overlook phishing attacks, cybercrimes, and small-scale frauds.
