US Senator Introduces SAFE Crypto Act to Create Federal Working Group for Combating Cryptocurrency Fraud

On December 17, a U.S. Senator introduced the SAFE Crypto Act to strengthen the regulatory framework for digital assets. The bill aims to form a federal working group charged with identifying, tracking, and countering crypto fraud through coordinated action across federal agencies and the private sector.

The proposed federal working group would unite the Treasury Department, law enforcement, financial regulators, and industry experts to analyze current trends in digital asset scams, develop preventive measures, and enhance investigative capabilities for local authorities. The initiative emphasizes measurable enforcement tools and data-driven risk assessments to curb illicit activity.

If enacted, the framework could bolster market integrity, support compliance programs, and increase public awareness of scams and red flags, fostering investor protection in the evolving crypto ecosystem.