Billions Lost to Crypto Scams Push U.S. Senators to Act
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Bipartisan senators introduce the SAFE Crypto Act to combat rising cryptocurrency scams, which have cost billions by mid-2025. The initiative aims to create a federal task force that will unite regulators, law enforcement, and blockchain agencies to enhance enforcement efforts against fraud.
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- Bipartisan senators propose a federal task force focused solely on crypto scam enforcement.
- Treasury-led group would unite regulators, police, and blockchain intelligence firms.
- Push comes as crypto scams surge, with billions stolen from platforms by mid-2025.
Two U.S. senators from opposite parties have introduced a new bill directed at protecting Americans from cryptocurrency scams. Senator Elissa Slotkin, a Democrat from Michigan, and Senator Jerry Moran, a Republican from Kansas, announced the SAFE Crypto Act, saying stronger action is needed as digital assets become more common and fraud grows more advanced.
Lawmakers say crypto scams have increased sharply in recent years, costing victims billions of dollars and often overwhelming local police departments that lack the tools to track blockchain-based crimes.
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