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US senators introduce bipartisan bill to fight crypto fraud

Written by Mahathir BayenaPublished Dec. 17 2025Last Updated Dec. 17 2025

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United States senators Elissa Slotkin and Jerry Moran have introduced a bipartisan bill aimed at strengthening federal coordination against cryptocurrency-related fraud and scams.

The proposed legislation is titled the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, also known as the SAFE Crypto Act.

The bill seeks to establish a dedicated federal task force to address the growing threat of crypto-related crime.

The task force would bring together the US Treasury, law enforcement agencies, financial regulators and private sector experts.

Lawmakers said the goal is to better identify, track and disrupt fraudulent activity involving digital assets.

Slotkin said protecting Americans from scams is increasingly important as cryptocurrency adoption expands.

“It’s critical we protect Americans against scams in all industries, but especially cryptocurrency as it becomes more popular,” Elissa Slotkin said.

“This task force, established by the SAFE Cryptocurrency Act, will allow us to draw upon every resource we have to combat fraud in digital assets,” she said.

The legislation would require the task force to examine emerging trends in crypto scams.

It would also focus on identifying the most effective tools and strategies for preventing digital asset fraud.

The bill aims to improve coordination between federal agencies that currently operate separately.

Lawmakers said the task force would also support local and state law enforcement efforts.

The proposal includes measures to enhance investigative tools available to authorities.

Public education and awareness around common crypto scams would form a key part of the initiative.

The task force would be required to submit an initial update within one year of being established.

Reports would be delivered to the Senate Banking and Agriculture committees.

Updates would also be provided to the House Financial Services and Agriculture committees.

Annual reports would follow to track progress and evolving threats.

Moran said the legislation is designed to strengthen protections for consumers.

“As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams,” Jerry Moran said.

Crypto lawyer Gabriel Shapiro said the bill could address enforcement gaps in the current system.

“Feels like this could be very useful,” Gabriel Shapiro said, adding that regulators often focus less on scams, hacks and phishing schemes.

Data from Chainalysis shows crypto-related crime continues to rise globally.

The blockchain analytics firm estimated illicit crypto volumes reached $51.3 billion in 2024.

Lawmakers said the figures highlight the need for stronger coordination and enforcement.