U.S. Senators Elissa Slotkin and Jerry Moran introduced the bipartisan Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act to curb rising cryptocurrency scams. The bill would create a federal task force that unites Treasury, law enforcement, financial regulators, and private sector experts to identify, track, and disrupt fraud.
The task force would support local police with better tools, drive public awareness on safeguarding funds, and deliver regular threat updates to Congress. TRM Labs reports billions in scams tracked across two years and backs real time public private collaboration using blockchain intelligence. Web3 teams should plan for deeper coordination on investigations and clearer channels for engagement.
The SAFE Crypto Act at a Glance
A bipartisan proposal titled the SAFE Cryptocurrency Act would stand up a permanent federal task force to target crypto fraud at scale. The task force is designed to coordinate prevention and enforcement across Treasury, federal law enforcement, and financial regulators in close partnership with private sector experts. The goal is to create one operating framework for information sharing, case prioritization, and disruption of scam infrastructure.
Federal task force structure
The task force brings together Treasury, law enforcement, and financial regulators alongside investigators and practitioners from industry. It coordinates how agencies identify, trace, and disrupt crypto scams that move across platforms and jurisdictions. A single collaboration framework governs how data is shared, how requests are routed, and how cases move from intelligence to action.
Core responsibilities
The mandate centers on identifying, tracking, and stopping crypto fraud using multi agency resources and modern blockchain analytics. The task force will support state and local authorities with tools, referrals, and technical assistance so that regional cases can tap federal expertise when needed. It will also run public awareness efforts to help consumers spot and avoid scams. The task force must provide regular updates to Congress on emerging threats, outcomes, and resource gaps.
Notable quotes
Sen. Slotkin: “This task force… will allow us to draw upon every resource we have to combat fraud in digital assets.” (Press release)
Ari Redbord, TRM Labs: “This legislation enables public private collaboration using blockchain intelligence to track, interdict, and disrupt illicit networks.” (Related policy testimony)
Implications for Web3 Stakeholders
If enacted, the task force will formalize how agencies work together on crypto scams and how they engage with exchanges, wallet providers, and analytics firms. Expect more structured points of contact, clearer investigative asks, and higher expectations for consumer protection.
Enforcement workflow changes
The framework positions agencies to simplify multi agency requests and set unified priorities focused on scams. It should enable faster tracing across jurisdictions supported by shared blockchain analytics. Firms should maintain clear intake paths for lawful requests, with playbooks for rapid response, record preservation, and post action reporting.
Public private data collaboration
Expect more regular engagement with compliance and analytics teams to support illicit flow disruption. Standardized contacts and meeting schedules can reduce friction during active investigations. There will be openings to contribute typologies and red flag indicators so that law enforcement and industry can target the same high risk patterns.
Consumer education impact
Exchanges and wallet providers may align product messaging with federal awareness campaigns, including warnings on common lures and safer transaction flows. Clear prevention guidance can lower support loads and chargebacks by reducing avoidable losses. Policymakers will expect measurable gains in user safety programs, including reporting rates and recovery workflows.
Legislative Status and What to Watch
This is an early, bipartisan move to centralize crypto scam enforcement. Teams should track the bill’s progress and prepare for a more coordinated request environment.
Near term milestones
- Review the full bill text on the sponsor site to scope definitions, reporting duties, and timelines
- Monitor Congress.gov for the bill number and committee referral after it is posted
- Watch for committee briefings or listening sessions that seek industry input on data sharing and consumer education
Signals of traction
Look for named leadership and membership of the task force across agencies, which signals ownership and resourcing. Track the publication cadence of required updates to Congress and any public threat reports. Early guidance and tool support for local authorities and fusion centers would show that the task force is moving from design to execution.
Action items for teams
- Map investigative touchpoints and assign a policy liaison to manage government engagement
- Align data governance and logging with expected investigative needs and legal standards, including preservation and audit trails
- Prepare consumer education assets that reinforce fraud prevention and recovery steps, ready to align with federal campaigns
If enacted, the SAFE Crypto Act would formalize cross agency coordination and elevate scam disruption as a national enforcement priority. Early implementation details will define expectations for industry participation, especially around information sharing, technical assistance, and the cadence of threat reporting.
Teams should review the published bill text, inventory investigative touchpoints, and assign an executive owner for law enforcement engagement. Track committee referral on Congress.gov and watch for sponsor briefings that preview the task force composition, deliverables, and collaboration channels.
Key Takeaways
- Bipartisan bill from Slotkin and Moran targets rising crypto scams
- Creates a federal task force spanning Treasury, law enforcement, regulators, and private sector experts
- Mandates support for local authorities, consumer awareness, and regular updates to Congress
- Industry collaboration using blockchain intelligence is a core pillar
- Monitor Congress.gov and sponsor sites for status and timelines
Related FAQs
- What is the SAFE Crypto Act?
A bipartisan proposal to combat cryptocurrency scams by creating a federal task force that coordinates across Treasury, law enforcement, regulators, and industry to identify, track, and disrupt fraud. - Does the bill impose new rules on exchanges?
The announcement centers on a coordination task force and consumer protection. It does not describe new exchange specific mandates. Review the full bill text for operative requirements. - How could this affect DeFi and self custody?
The focus is scam disruption and enforcement coordination. Expect closer engagement during investigations and alignment on user education. The announcement does not describe wallet restrictions. - Where can I track the bill status?
Monitor Congress.gov for bill number and referral, the sponsors’ official websites for updates, and Senate calendars for scheduled activity.
