Two United States senators have introduced new legislation designed to strengthen enforcement against cryptocurrency fraud and scams.
The Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, known as the SAFE Crypto Act, was introduced by Democrat Elissa Slotkin and Republican Jerry Moran.
The bill seeks to improve coordination between the US Treasury, law enforcement agencies, regulators and private sector partners.
Under the proposal, agencies including FinCEN and the United States Secret Service would work together to identify and disrupt crypto-related fraud.
Slotkin said the task force created by the legislation would draw on every available resource to combat digital asset crime.
“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,” Slotkin said.
Moran said the legislation is intended to better protect Americans as cryptocurrency adoption increases.
“As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams,” Moran said.