US Senators Unveil SAFE Crypto Bill to Combat the Surge in Crypto Fraud

Jakarta, Pintu News – Crypto fraud is getting faster, more sophisticated, and harder to track. Lawmakers are beginning to consider it an increasingly serious national problem, and they are pushing for a coordinated response from the federal government.

This week, US Senators Elissa Slotkin and Jerry Moran introduced a bipartisan bill that specifically targets crypto-related fraud.

The proposal, named the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, aims to establish a specialized federal task force to detect and prevent cryptocurrency fraud.

What the SAFE Crypto Act Will Do

The bill proposes the creation of a cross-agency task force led by the U.S. Department of the Treasury, involving officials from the Attorney General’s office, FinCEN, the U.S. Secret Service, and other federal and state agencies.

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Unlike previous crypto laws that focused on market regulation or asset classification, this initiative has a narrower, more practical focus: tackling fraud, phishing attacks, Ponzi schemes, and other forms of crime that continue to cost investors billions of dollars.

The task force will also involve private parties, such as stablecoin issuers, digital asset custodian service providers, blockchain intelligence companies, as well as representatives from fraud victims and law enforcement officials.

“This task force, established through the SAFE Cryptocurrency Act, will allow us to utilize all the resources at our disposal to combat fraud in digital assets,” Slotkin said.

Why now? Threats are Increasing

The push to pass this bill comes as crypto-related crime is on the rise. According to data from Chainalysis, more than $2.17 billion has been stolen from crypto services as of mid-2025 – already surpassing the total losses for the whole of 2024.

At the same time, fraud involving crypto ATMs is also a growing concern. Between January and November 2025, losses due to crypto ATM fraud have reached approximately $333 million.

“As the use of cryptocurrencies becomes more widespread, this legislation will help address threats and ensure all Americans are better protected from crypto fraud,” said Senator Moran.

Vacancies in Law Enforcement

Crypto lawyer Gabriel Shapiro mentioned that this proposal could close loopholes in current law enforcement.

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“It seems that this could be very useful! The SEC and CFTC don’t really focus on things like hacking, phishing, small ponzi schemes, and the like,” he wrote.

Blockchain forensics company TRM Labs also expressed its support, saying that closer coordination between industry and law enforcement officials could help disrupt fraud networks in real-time.

Next Steps

If authorized, the task force will issue an initial report within a year, which will then be followed by annual report updates to congressional committees.

For now, this bill marks a clear change in direction: Washington is now directly focusing on crypto fraud – where losses are growing the fastest.

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Reference:

• Coinpedia. US Senators Introduce SAFE Crypto Act to Target Rising Crypto Scams. Accessed on December 18, 2025
• Cointelegraph. SAFE Crypto Act Could Scare Crypto Fraudsters. Accessed on December 18, 2025