US Senators Introduce SAFE Act to Combat Crypto Fraud, Lawyers Say It May Deter Criminals

U.S. Senators Elissa Slotkin and Jerry Moran introduced the Strengthening Agency Framework for Crypto Enforcement (SAFE Act) this Monday, aiming to coordinate the U.S. Treasury, law enforcement agencies, regulators, and the private sector in combating cryptocurrency fraud. Gabriel Shapiro, General Counsel of Delphi Labs, stated on platform X that if this bill is effectively implemented, cryptocurrency fraudsters may panic, as the U.S. Attorney General, FinCEN Director, and the Director of the U.S. Secret Service will be involved in the crackdown. According to a report from the Federal Bureau of Investigation, in 2024, U.S. citizens lost $9.3 billion to cryptocurrency investment scams, a 66% increase compared to 2023.