SAFE Crypto Act will Have Scammers Shaking In Their Boots: Crypto Lawyer

Newly proposed legislation could see the US Treasury, FinCEN, the Secret Service, and law enforcement coordinate to catch crypto scammers and fraudsters.
Two US Senators have introduced legislation aimed at cracking down on crypto fraud and scams by equipping law enforcement with better tools to spot attacks and identify perpetrators.

The Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE) Act, introduced by Democrat Elissa Slotkin and Republican Jerry Moran on Monday, seeks to coordinate action between the US Treasury, law enforcement, regulators and private sector players to tackle crypto fraud and scams.

“This task force, established by the SAFE Cryptocurrency Act, will allow us to draw upon every resource we have to combat fraud in digital assets,” Slotkin said, while Moran added:

“As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams.”
The Federal Bureau of Investigation reported Americans lost $9.3 billion to crypto-related investment scams in 2024, marking a 66% increase from 2023. Individuals over 60 were the worst affected, accounting for losses of $2.84 billion.

It should be noted that the figure includes any investment scam that simply mentions crypto as part of its ploy. Many do not involve blockchain or cryptocurrencies.

Despite public and private efforts to raise awareness, crypto fraudsters and scammers have found more sophisticated ways to steal funds from investors.

However, Gabriel Shapiro, general counsel of crypto investment firm Delphi Labs, noted that a successful implementation of the SAFE Crypto Act could prompt crypto fraudsters and scammers into a state of panic .

“Scammers will probably end up shitting themselves if this goes hard,” Shapiro said in a post to X on Tuesday, noting that the attorney general, the director of the Financial Crimes Enforcement Network and the director of the United States Secret Service would be among the highest-ranking officials involved in pursuing crypto criminals.