U.S. Senators Propose SAFE Act to Target Crypto Scams

U.S. Senators Jerry Moran and Elissa Slotkin have introduced the SAFE Crypto Act to establish a federal task force focused on combating cryptocurrency fraud in Washington, D.C.

The bipartisan initiative seeks to enhance regulatory coordination and public awareness, potentially influencing U.S. crypto market practices and investor confidence.

Senators Launch SAFE Crypto Act to Curb Scams

U.S. Senators Elissa Slotkin and Jerry Moran introduced the SAFE Crypto Act, targeting cryptocurrency fraud through a dedicated federal working group. This bipartisan effort engages experts from the Treasury Department, law enforcement, and private sector to coordinate enforcement.

Immediate implications include coordination enhancements across existing agencies and the private sector, focusing on new trends in digital scams. Local law enforcement will access enhanced investigative tools, aiming to deter fraudulent activities more effectively.

Senator Moran emphasized that as cryptocurrency usage grows, the need for protective measures increases. Ari Redbord from TRM Labs hailed the Act’s potential, stating it could significantly disrupt illicit networks through public-private collaboration.

Crypto Losses of $2.84 Billion Prompt Action

Did you know? The FBI reported $2.84 billion losses for victims aged 60+ due to crypto scams, illustrating the increasing vulnerability and financial impact on older demographics, highlighting the critical need for enhanced enforcement mechanisms against crypto fraud.

As of December 17, 2025, Bitcoin (BTC) is priced at $87,009.49 with a market cap of $1.73 trillion and market dominance at 58.67%. Trading volume over 24 hours reached $39.17 billion, down by 14.26%. Recent price changes include a 1.24% daily increase alongside a 25.75% decline over 90 days, sourced from CoinMarketCap.

The Coincu research team suggests that the Act’s enforcement focus, while potentially increasing regulatory pressure, could also stabilize the cryptocurrency market by removing fraudulent elements, thereby enhancing investor confidence in compliant digital assets.