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U.S. Senators Move to Fight Crypto Scams With New Federal Taskforce

The U.S. government admitted something crypto users already know.

Scams aren’t a side problem anymore — they’re systemic.
Now, Washington wants a dedicated federal taskforce to deal with them.

A new bipartisan bill proposes something rare in crypto regulation: coordination instead of confusion.

And that alone makes this moment worth paying attention to.

The SAFE Crypto Act: What Just Happened

Two U.S. senators — Democrat Elissa Slotkin and Republican Jerry Moran — introduced the SAFE Crypto Act, a bipartisan bill designed to combat crypto-related fraud at the federal level.

Not through bans.
Not through token classifications.
But by creating a dedicated crypto scam taskforce.

If passed, the bill would require:

  • The U.S. Treasury to establish the taskforce within 180 days
  • Participation from federal agencies, law enforcement, regulators, and crypto industry experts
  • At least three formal meetings per year
  • A public report within one year outlining strategies, gaps, and recommendations

This isn’t about ideology.
It’s about damage control.

Why This Matters More Than Another Crypto Bill

Crypto regulation has spent years stuck in turf wars.

SEC vs CFTC.
Federal vs state.
Enforcement vs innovation.

Scams fall through those cracks.

According to industry estimates, over $50 billion has been stolen globally through crypto-enabled scams since 2023 — and that number keeps climbing.

Local law enforcement lacks tools.
Federal agencies often lack coordination.
Victims are left navigating a maze with no clear path to recovery.

This bill is an acknowledgment that the current system isn’t built for how crypto crime actually works.

What the Taskforce Is Actually Supposed to Do

The proposed taskforce isn’t symbolic. Its mandate is operational.

Five core objectives:

  • Scam detection and prevention
  • Cross-sector coordination between government and industry
  • Information sharing across agencies
  • Asset recovery and seizure, where legally possible
  • Public education on emerging scam tactics

In simple terms:
Less finger-pointing.
More shared intelligence.

Why Industry Involvement Is a Big Deal

One notable detail: the bill explicitly includes crypto industry representatives — exchanges and blockchain intelligence firms — in the taskforce.

That’s not accidental.

Scams evolve faster than legislation.
On-chain data moves faster than subpoenas.

By pulling in firms that already track wallets, flows, and patterns, the government is signaling a shift toward practical enforcement, not just legal theory.

This is closer to how financial crime is handled in traditional markets — and far from the “regulation by enforcement” approach that dominated previous years.

Timing Isn’t Random

This bill arrives at a very specific moment.

  • Crypto adoption is expanding beyond early adopters
  • Stablecoins and tokenized assets are moving into mainstream finance
  • Regulators are under pressure to protect consumers without killing innovation

At the same time, 2025 has already seen crypto losses from scams and hacks exceed 2024’s full-year total.

The political risk of doing nothing is now higher than the risk of acting.

What This Bill Is — and Isn’t

Let’s be clear.

This bill does NOT:

  • Ban crypto
  • Classify tokens as securities
  • Expand SEC authority by default
  • Target legitimate users

What it does do:

  • Treat crypto fraud as a coordination problem
  • Acknowledge enforcement gaps
  • Create a formal structure to address them

That distinction matters.

The Bigger Signal

Bipartisan crypto bills don’t happen unless there’s broad agreement on one thing: the status quo isn’t working.

This taskforce won’t eliminate scams overnight.
No single law ever will.

But it marks a shift away from reactive enforcement and toward systemic response — something crypto has lacked since day one.

Whether it succeeds depends on execution.
But the intent is clear.

Crypto fraud is no longer being treated as a niche issue.
It’s being treated as a national one.

Bottom Line

This isn’t a crackdown.
It’s not a pivot.
It’s an admission.

Crypto has grown up — and the problems grew with it.

Now the response finally might be too.

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