• Key Bipartisan Initiative: Senators Slotkin (D-MI) and Moran (R-KS) aim to protect consumers from rising crypto fraud through unified federal action.

• Taskforce Composition: Includes Treasury officials, law enforcement, crypto exchanges, and blockchain intelligence firms for comprehensive collaboration.

• Proven Impact: Addresses over $53 billion in global crypto theft since 2023, with 2025 losses already exceeding $1.7 billion by April per ImmuneFi data.

Discover the SAFE Crypto Act: A vital step against cryptocurrency scams. Learn how this federal taskforce will shield investors and foster secure digital assets—explore bipartisan strategies now.

What is the SAFE Crypto Act?

The SAFE Crypto Act is a bipartisan legislative proposal introduced by U.S. Senators Elissa Slotkin (D-Michigan) and Jerry Moran (R-Kansas) to create a dedicated federal taskforce focused on combating cryptocurrency scams. The bill mandates the Secretary of the Treasury to establish this taskforce within 180 days of enactment, drawing together representatives from government agencies, local law enforcement, crypto exchanges, and blockchain intelligence providers. This initiative addresses the escalating threats in the digital asset space by promoting coordinated strategies for fraud prevention and investor protection.

How Does the Taskforce Under the SAFE Crypto Act Operate?

The taskforce outlined in the SAFE Crypto Act will engage in five core activities: scam detection and prevention, developing a cross-sector fraud prevention framework, gathering insights from diverse stakeholders, facilitating information sharing among participants, and pursuing asset recovery and seizure. It must convene at least three times annually to identify evolving scam tactics, create public education strategies, align law enforcement operations, and partner with international counterparts. Within one year of its formation, the group will deliver a comprehensive report detailing its methods, strategies, and recommendations for future regulatory or legislative adjustments.

Supporting data underscores the urgency: According to a report from ImmuneFi, crypto hacks and scams resulted in over $1.7 billion in losses by April 2025, surpassing the full-year total of $1.49 billion from 2024. Ari Redbord, Vice President and Global Head of Policy at TRM Labs—a potential blockchain intelligence contributor—emphasizes the need for such measures. “Since 2023, more than $53 billion has been stolen globally through crypto-enabled scams and theft,” Redbord stated in comments to COINOTAG. He advocates for a whole-of-government approach to detect scams early, freeze illicit funds, and dismantle enabling infrastructures.

Senator Slotkin highlighted the bill’s practical focus in a December 16, 2025, statement: “It’s critical we protect Americans against scams in all industries, but especially cryptocurrency. That starts with equipping local law enforcement with the tools they need and our bill draws upon every resource we have to combat fraud in digital assets.” Similarly, Senator Moran noted in the press release, “Our legislation would establish a task force to strengthen coordination between government agencies, law enforcement and the financial services industry as they work together to identify and combat cryptocurrency fraud.” These expert perspectives demonstrate the bill’s role as a foundational step toward a more resilient crypto ecosystem.

Frequently Asked Questions

What Are the Main Goals of the SAFE Crypto Act’s Federal Taskforce?

The SAFE Crypto Act’s taskforce primarily targets scam detection, cross-sector collaboration, stakeholder input collection, information sharing, and asset recovery in cryptocurrency fraud cases. By meeting quarterly and producing an annual report, it aims to equip law enforcement with advanced tools and strategies, ultimately reducing losses from digital asset scams through proactive measures and international cooperation.

Why Is the SAFE Crypto Act Important for Everyday Crypto Users?

For everyday crypto users, the SAFE Crypto Act introduces essential protections by forming a federal taskforce that coordinates efforts to spot and stop scams before they cause harm. This means faster responses to fraud, better recovery of stolen funds, and widespread education on safe practices, making cryptocurrency a more trustworthy option for investments and transactions.

Key Takeaways

• Bipartisan Support: Backed by Senators Slotkin and Moran, the SAFE Crypto Act unites Democrats and Republicans to tackle the surge in crypto fraud affecting millions.
• Collaborative Structure: Involves key players from Treasury, law enforcement, and industry like exchanges and TRM Labs to ensure a multifaceted defense against scams.
• Actionable Outcomes: Requires timely meetings, a strategy report within one year, and recommendations for enhanced regulations to safeguard the growing digital asset market.

Conclusion

The SAFE Crypto Act represents a pivotal advancement in addressing cryptocurrency scams through its proposed federal taskforce, integrating government oversight with industry expertise to foster a safer environment for digital assets. As losses from crypto fraud continue to climb—with over $53 billion stolen globally since 2023—this legislation provides a structured path to prevention, recovery, and education. Investors and users alike stand to benefit from these coordinated efforts, paving the way for broader adoption of secure blockchain technologies. Stay informed on evolving crypto regulations to protect your assets and participate in this transformative financial landscape.