US senators propose forming a federal task force to combat crypto fraud.

PANews reported on December 17 that U.S. Senators Elissa Slotkin and Jerry Moran jointly introduced a bipartisan bill called the "SAFE Crypto Act," which aims to strengthen federal coordination in combating crypto-related fraud.

The bill proposes the establishment of a federal task force, uniting the Treasury Department, law enforcement agencies, financial regulators, and private sector experts to identify, track, and combat crypto scams. The task force will analyze scam trends, provide investigative tools, and raise public awareness of common crypto frauds. The task force must submit its first report to Congress within one year of its establishment and update it annually.

Senators stated that the bill will help protect the public from fraud threats as cryptocurrencies become more widespread. Industry insiders believe the legislation will help fill regulatory gaps, particularly regarding issues such as hacking, phishing scams, and small-scale Ponzi schemes. A Chainalysis report shows that illicit cryptocurrency transactions reached $51.3 billion in 2024, indicating the increasing diversification of related criminal activities.