Two U.S. senators from opposite sides of the aisle have introduced new legislation aimed at improving how federal agencies respond to cryptocurrency-related fraud, as digital asset scams continue to rise alongside broader crypto adoption.
Senators Elissa Slotkin of Michigan and Jerry Moran of Kansas unveiled the proposal this week, describing it as a practical step toward better coordination across government and law enforcement. The bill, formally titled the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, or SAFE Crypto Act, would create a federal task force dedicated to identifying, tracking, and disrupting crypto-related scams.
Sonja Thrasher
According to the senators’ joint announcement, the task force would bring together officials from the U.S. Treasury, federal law enforcement agencies, financial regulators, and private-sector experts. Its goal would be to close gaps in oversight and enforcement that fraudsters often exploit in the fast-moving digital asset space.
“Protecting Americans from scams is critical in every industry, but it’s especially important as cryptocurrency becomes more mainstream,” Sen. Slotkin said.
She added that the proposed task force would allow the government to pool its resources and respond more effectively to fraud involving digital assets.
If passed, the SAFE Crypto Act would direct the task force to study current trends in cryptocurrency scams and assess which prevention strategies are working. It would also focus on equipping state and local law enforcement with better investigative tools, while expanding public education around common scam tactics, such as phishing schemes and fake investment offers.
The legislation includes reporting requirements designed to keep lawmakers informed. Within one year of the task force’s formation, it would be required to submit an initial update to key congressional committees, including Senate Banking and Agriculture, as well as House Financial Services and Agriculture. Annual reports would follow, offering ongoing insight into emerging risks and enforcement progress.
Sen. Moran emphasized the bill’s consumer protection angle, noting that wider crypto use has brought new threats along with innovation. He said the legislation is intended to ensure Americans are better protected as digital assets become part of everyday financial activity.
Legal experts have also weighed in on the proposal. Crypto attorney Gabriel Shapiro suggested the bill could address areas that fall outside the traditional focus of major regulators. In a post on X, he noted that agencies like the SEC and CFTC tend to prioritize market structure and compliance, rather than crimes such as hacks, phishing attacks, or small-scale Ponzi schemes.
U.S. Senator Moran proposes the SAFE Crypto Act establishing a task force for dealing with crypto scams!!!
— _gabrielShapir0 (@lex_node) December 16, 2025
would have AG, Director FinCEN, Director Secret Service, other agency heads, scam victims, representatives of stablecoin issuers, custodians, etc.
devoted to detecting… pic.twitter.com/i94tn2sHdm
The timing of the bill reflects broader trends in the crypto sector. A January report from blockchain analytics firm Chainalysis estimated that illicit cryptocurrency activity reached $51.3 billion in 2024, highlighting the growing range of criminal behavior conducted on-chain.
While the SAFE Crypto Act still faces the legislative process ahead, it signals a rare point of bipartisan agreement on the need for stronger coordination and clearer strategies to combat crypto fraud. As lawmakers continue to weigh how best to regulate digital assets, the bill underscores a shared focus on protecting users without stifling innovation.
