U.S. Senator Mike Crapo (R-Idaho) announced on May 20 his support for the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, a bipartisan bill aimed at combating the rise in cryptocurrency-related scams and fraud. The legislation is led by Senators Jerry Moran (R-Kansas) and Elissa Slotkin (D-Michigan).
The SAFE Crypto Act proposes the creation of an inter-governmental task force that would include federal agencies, law enforcement, and private sector stakeholders to better identify and fight cryptocurrency fraud. This measure comes as reports show that cryptocurrency scams made up about half of all cybercrime losses in the United States last year.
“Cryptocurrency scams accounted for roughly half of all cybercrime losses last year in the United States,” said Crapo. “This alarming trend underscores the need for better protections for Americans. The SAFE Crypto Act would establish a much-needed taskforce to strengthen collaboration among law enforcement and financial regulators, helping safeguard consumers from this growing threat.”
The proposed task force would be required to provide an update within one year of its formation to several congressional committees, followed by annual reports thereafter. Members would include representatives from federal agencies such as the U.S. Department of Treasury—serving as chair—the Office of the Attorney General, Financial Crimes Enforcement Network (FinCEN), U.S. Secret Service, industry groups like stablecoin issuers and crypto exchanges, scam victim or consumer protection groups, state bank regulatory authorities, and other relevant stakeholders.
Ari Redbord, Vice President and Global Head of Policy at TRM Labs said: “Over the last two years, we’ve tracked billions in scams and fraud across the crypto ecosystem. Solving this problem requires real-time disruption. This legislation enables public-private collaboration using blockchain intelligence to track, interdict, and disrupt illicit networks as activity is occurring — helping protect victims and ensure a safer financial system. By bringing industry and law enforcement together, we can meaningfully reduce criminals’ ability to exploit transformative technologies for harm.”
Crapo has previously advocated on issues important to Idahoans such as responsible forest management and natural resource protection; he grew up in Idaho Falls with his wife Susan where they raised five children; served three terms representing Idaho’s Second Congressional District in the U.S House; earned degrees from Brigham Young University and Harvard Law School; currently serves as chair of the Senate Committee on Finance; according to the official website.
Supporters say that establishing this collaborative framework could help limit criminals’ ability to misuse new technologies while offering more robust protections for consumers facing increasing threats online.
