Senate Bill Would Create Federal Task Force to Combat Crypto Scams

A bill introduced in the United States Senate would create a federal task force to combat cryptocurrency scams.

The task force created by the “Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act“ would bring together Treasury, law enforcement, regulators and private-sector experts in a coordinated effort to stop fraud, according to a Monday (Dec. 15) press release.

It would also provide better tools to law enforcement, improve public awareness of how to guard against scams, and provide Congress with regular updates on emerging threats and the progress of enforcement, according to the release.

The bipartisan bill was introduced by Sens. Elissa Slotkin, D-Mich., and Jerry Moran, R-Kan., per the release.

“It’s critical we protect Americans against scams in all industries, but especially cryptocurrency as it becomes more popular,” Slotkin said in the release. “It starts with equipping law enforcement with the tools they need to combat crypto scams, and ensuring Michiganders know how to protect themselves and their money.”

Moran said in the release: “With fraud and other payment scams continuing to grow, protecting the financial security and well-being of Kansans is critical.”

Cryptocurrency thefts amounted to $3.4 billion from January through the early part of September, according to findings released Thursday (Dec. 18) by blockchain data platform Chainalysis.

“The cryptocurrency ecosystem faced another challenging year in 2025, with stolen funds continuing their upward trajectory,” the company said in a press release.

Chainalysis found that the increase in crypto thefts was driven in part by a surge in personal wallet compromises.

The Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3) said in April that there was a total of $9.3 billion in losses related to cryptocurrency fraud in 2024, a 66% increase over the previous year.

In addition, between January 2024 and April 2025, the FBI notified more than 5,400 victims targeted by cryptocurrency-related fraud — many of whom were unaware they had been targeted.

In June, the Justice Department filed a civil forfeiture complaint targeting over $225.3 million in cryptocurrency that it said was connected to the theft and laundering of funds from victims of cryptocurrency investment fraud schemes.