What Is SAFE Crypto Act? US Senators Step Up Against Crypto Scam

FBI and Treasury Plan New SAFE Crypto Bill To Fight $9.3B Crypto Scam

Highlights:

• U.S. lawmakers introduced the SAFE Act to fight rising crypto scam

• The bill creates an FBI- and Treasury-led task force

• Crypto fraud losses hit a record $9.3 billion in 2024

What’s The News: SAFE Crypto Act Explained

New bipartisan bills have been proposed by two U.S. Senators to address the rising issue of cryptocurrency fraud in the United States. The suggested legislation is known as the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE) Act, which aims at enhancing the collaboration between law enforcement, regulators, and the private sector to prevent crypto-related scams.

On December 15, 2025, the bill was introduced by Senator Elissa Slotkin (Democrat - Michigan) and Senator Jerry Moran (Republican - Kansas), and it has a rare cross-party consensus about the urgency of crypto fraud prevention.

Source: OfficialAman X

Special Federal Task Force to be led by the FBI and Treasury.

The main characteristic of the SAFE Act is the establishment of a special federal task force headed by the FBI and the U.S. Treasury. This task force would unite federal agencies, financial regulators, and other companies in order to detect and stop cryptocurrency scams in a more efficient way.

According to Senator Slotkin, the task force would deploy all possible tools to safeguard the US against fraud of digital assets. Senator Moran further noted that with the increased use of cryptocurrency, there must be effective protection against scammers who can use it to prey on ordinary users.

Senior officials of agencies like FinCEN, the U.S. Secret Service, and the Department of Justice would also be part of the task force, indicating that the government would respond to cryptocurrency crimes on a high level.

By 2024, Crypto Fraud Losses Reach $9.3 Billion.

The SAFE Act is urgently needed due to the alarming statistics published by the Federal Bureau of Investigation (FBI). The FBI states that in 2024, the US was robbed of $9.3 billion in crypto-related fraud, the largest annual loss in history.

The elderly Americans were struck the hardest. Individuals over 60 years old lost about $2.84 billion, usually to fraudulent investment schemes, impersonation schemes, and fraudulent crypto trading schemes.

The FBI explained that these statistics also cover frauds that refer to cryptocurrency, although blockchain technology is not directly involved.

The Legislation is backed by Industry Experts.

The leaders of the industry have been in support of the SAFE Act. General Counsel Gabriel Shapiro of Delphi Labs noted that the bill would cause a major disruption to scam networks and panic amongst crypto criminals in the event of its implementation.

The proposal was also embraced by blockchain intelligence firm TRM Labs. Ari Redbord, the Global Head of Policy at TRM Labs, told CNBC that increased collaboration between the industry and law enforcement would allow them to monitor and close illegal networks in real-time.

Lack of Public involvement to date.

However, in spite of the significance of the bill, there has been minimal online activity. Nevertheless, legislators and industry analysts think that the SAFE Act can be a significant milestone in regaining confidence in the cryptocurrency market and safeguarding investors against more advanced fraud schemes.

Disclaimer:  Please DYOR for better understanding. CoinGabbar is not responsible for any financial losses. Crypto assets are highly volatile, and you can lose your entire investment.