{"id":878291,"date":"2025-12-17T23:16:18","date_gmt":"2025-12-18T05:16:18","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/12\/17\/safe-crypto-act-targets-crypto-scams-after-9-3b-losses-new-federal-task-force-looms\/"},"modified":"2025-12-17T23:16:18","modified_gmt":"2025-12-18T05:16:18","slug":"safe-crypto-act-targets-crypto-scams-after-9-3b-losses-new-federal-task-force-looms","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/12\/17\/safe-crypto-act-targets-crypto-scams-after-9-3b-losses-new-federal-task-force-looms\/","title":{"rendered":"SAFE Crypto Act Targets Crypto Scams After $9.3B Losses \u2014 New Federal Task Force Looms"},"content":{"rendered":"
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\n SAFE Crypto Act Targets Crypto Scams After $9.3B Losses \u2014 New Federal Task Force Looms <\/h2>\n
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Journalist<\/p>\n

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Hassan Shittu<\/p>\n

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Journalist<\/p>\n

Hassan Shittu<\/span>\"Verified\"<\/span>\n <\/p>\n<\/p><\/div>\n

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Part of the Team Since<\/p>\n

Jun 2023<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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About Author<\/p>\n

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n

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Last updated:\u00a0<\/p>\n

\"SAFE<\/p>\n

Two U.S. senators have introduced new bipartisan legislation aimed at tightening the government\u2019s response to cryptocurrency-related fraud.<\/p>\n

The bill follows a sharp rise in reported losses linked to investment scams that reference digital assets.<\/p>\n

The proposal, known as the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, or the SAFE Crypto Act<\/a>, was introduced by Senator Elissa Slotkin, a Democrat from Michigan, and Senator Jerry Moran, a Republican from Kansas. <\/p>\n

Source: congress<\/a><\/em><\/figcaption><\/figure>\n

The bill seeks to create a federal task force focused on identifying, tracking, and preventing crypto-related scams while improving coordination between government agencies, law enforcement, and private-sector experts.<\/p>\n

Crypto Scams Cost Americans $9.3B in 2024, Hitting Older Investors Hardest<\/span><\/h2>\n

The legislation comes as crypto-related scams continue to hit more Americans, with older investors particularly at risk.<\/p>\n

The Federal Bureau of Investigation reports that U.S. residents lost around $9.3 billion to crypto investment schemes in 2024<\/a>. That\u2019s up 66% from the year before.<\/p>\n

<\/figure>\n

The FBI said many of these scams don\u2019t rely on hacking crypto networks. Instead, they use tricks like social engineering, pretending to be someone else, and slowly gaining trust over time to get people to hand over their money.<\/p>\n

U.S. Lawmakers Seek Cross-Agency Task Force to Tackle Crypto Scams<\/span><\/h2>\n

Under the SAFE Crypto Act, the Treasury Secretary would be required to establish a task force for recognizing and averting cryptocurrency scams within 180 days of the bill becoming law.<\/p>\n

The Task Force would bring together top officials from the Treasury, the Department of Justice, the Financial Crimes Enforcement Network, the Secret Service, and other federal agencies. State and local law enforcement would also get a seat at the table.<\/p>\n

The bill also calls for participation from digital asset service providers, stablecoin issuers, custodians, blockchain intelligence firms, consumer protection organizations, and victims\u2019 advocacy groups. <\/p>\n

The task force would be charged with examining trends across a wide range of crypto-related fraud, including Ponzi schemes, rug pulls, fraudulent token offerings, money laundering operations, and so-called financial grooming scams. <\/p>\n

SAFE Crypto Act Builds on Washington\u2019s Push to Protect Seniors From Crypto Scams<\/span><\/h2>\n

Senator Elissa Slotkin, who supports the bill, says<\/a> crypto scams are getting trickier as the technology catches on, and local police just don\u2019t have the right tools to keep up. <\/p>\n

The legislation also emphasizes real-time collaboration between the public and private sectors to help trace and stop the flow of funds linked to scams.<\/p>\n

It requires authorized stablecoin issuers to have the technical ability to freeze, seize, burn, or reissue digital assets tied to illegal activity, all in accordance with due process and existing laws.<\/p>\n

The proposed task force would be mandated to meet at least three times in its first year and produce a public report for key congressional committees within that period. <\/p>\n

Following the initial report, it would provide annual updates, and the task force would automatically disband three years after its first submission.<\/p>\n

The SAFE Crypto Act is just one piece of a bigger push in Washington to crack down on investment scams, especially the ones that go after seniors and other people who are often targeted. <\/p>\n

Before this, lawmakers floated<\/a> the National Senior Investor Initiative Act of 2023. That bill would set up a special task force at the SEC focused on protecting older investors.<\/p>\n

Then there\u2019s the Fraud Prevention and Recovery Act from<\/a> 2024, which tries to give the government more power to go after all kinds of fraud.<\/p>\n

On top of that, the SEC put together <\/a>a cross-border task force at the end of 2025 to deal with international securities scams hitting Americans. Clearly, people are getting more worried about fraud rings that stretch across countries.<\/p>\n

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SAFE Crypto Act Targets Crypto Scams After $9.3B Losses \u2014 New Federal Task Force Looms Journalist Hassan Shittu Journalist Hassan Shittu Part of the Team Since Jun 2023 About Author Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work<\/p>\n","protected":false},"author":1,"featured_media":878292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,4695],"tags":[],"class_list":{"0":"post-878291","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto","8":"category-targets"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/878291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=878291"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/878291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/878292"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=878291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=878291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=878291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}