Bipartisan House Bill Proposes Federal Task Force to Combat Crypto Theft

U.S. lawmakers have introduced bipartisan legislation to create a specialized federal task force targeting cryptocurrency fraud and hacking. The proposed unit, led by the Attorney General, would coordinate efforts across the DOJ, FBI, DHS, and Treasury, providing victims with a standardized reporting mechanism for losses.

Government data reveals staggering crypto-related losses in 2025, with Americans losing over $11 billion to fraud—a 21% increase from 2024. Investment scams accounted for the lion's share at $7.2 billion, while blockchain analytics show illicit wallet activity surging to $158 billion, driven largely by sanctions evasion and state-sponsored actors.

Senior citizens emerged as particularly vulnerable, with those over 60 accounting for $4.43 billion in losses across 44,555 complaints. Despite the absolute increase in illegal activity, its proportion of total crypto transactions actually declined slightly to 1.2%.