U.S. Senators Introduce Legislation to Combat Cryptocurrency Fraud

According to Cointelegraph, two members of the U.S. Senate have proposed new legislation aimed at addressing cryptocurrency scams and fraud through enhanced law enforcement capabilities. The Cryptocurrency Enforcement Framework Act (SAFE), introduced by Democrat Elissa Slotkin and Republican Jerry Moran, seeks to strengthen cooperation between the U.S. Department of the Treasury, law enforcement agencies, regulators, and private sector entities to effectively combat cryptocurrency-related scams. Slotkin emphasized the importance of the task force established by the SAFE Act, noting that it will leverage all available resources to fight digital asset fraud. Moran highlighted the increasing use of cryptocurrencies and the need for legislation to protect Americans from scams. The Federal Bureau of Investigation reported that Americans lost $9.3 billion due to cryptocurrency investment scams in 2024, a significant increase compared to the previous year. Individuals over 60 were particularly affected, with losses totaling $2.84 billion. It is important to note that these figures include any investment scam mentioning cryptocurrencies, even if it does not involve blockchain or digital currencies.