Legislation proposed by U.S. Sens. Jerry Moran (R-KA) and Elissa Slotkin (D-MI) aims to identify and combat cryptocurrency fraud, the law makers said.
The Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act would establish an inter-governmental task force between federal agencies and the private sector to coordinate efforts to combat cryptocurrency fraud. The task force would be required to report to Congress within a year of launch.
“With fraud and other payment scams continuing to grow, protecting the financial security and well-being of Kansans is critical,” Moran said. “Our legislation would establish a task force to strengthen coordination between government agencies, law enforcement and the financial services industry as they work together to identify and combat cryptocurrency fraud. As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams.”
The task force would be comprised of representatives from the Department of Treasury, the Office of the Attorney General, the Financial Crimes Enforcement Network, the Secret Service and any additional federal agency the Department of Treasury deems relevant. The task force would also include representative from industry groups like stablecoin issuers, cryptocurrency exchanges, cryptocurrency custodians, blockchain intelligence providers, scam protection groups and other private sector stakeholders; representatives of federal, state and local law enforcement; and representatives of one or more state bank regulatory authorities.
“It’s critical we protect Americans against scams in all industries, but especially cryptocurrency as it becomes more popular,” Slotkin said. “It starts with equipping local law enforcement with tools they need to combat crypto scams, and ensuring Michiganders know how to protect themselves and their money. 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.”