U.S. Senators Introduce Bipartisan SAFE Crypto Act to Fight Rising Crypto Scams

A bipartisan group of U.S. senators has introduced new legislation to create a federal task force dedicated to tackling the rise of cryptocurrency scams. The proposed Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, or SAFE Crypto Act, aims to centralize federal efforts to detect, prevent, and disrupt fraudulent schemes targeting crypto investors.

Under the bill, the task force would be led by the Department of the Treasury and include representatives from the Department of Justice, FinCEN, the Secret Service, and other federal and state agencies. It would also incorporate private-sector experts from blockchain analytics, custodial services, and exchanges, along with consumer protection advocates to provide insight into scam patterns and prevention strategies.

Unlike broader crypto bills focused on classification or market structure, the SAFE Crypto Act zeroes in on consumer protection and law enforcement coordination. By consolidating oversight and improving interagency communication, the legislation seeks to close the regulatory gaps that scammers often exploit. The task force would also establish an early warning system for emerging fraud trends and enhance real-time intelligence sharing between regulators, law enforcement, and the private sector.

Supporters of the bill argue that as digital assets become more mainstream, scammers are becoming increasingly sophisticated — making unified, proactive enforcement essential. If enacted, the task force would deliver its first report to Congress within a year of launch and issue annual updates detailing enforcement outcomes, consumer losses prevented, and new challenges identified.

The SAFE Crypto Act represents one of the first bipartisan efforts focused exclusively on crypto-related fraud, signaling growing consensus in Washington that effective digital-asset regulation must begin with protecting consumers from the most immediate risks.