Crapo Backs Bipartisan SAFE Crypto Act to Combat Rising Cryptocurrency Scams

Washington, D.C.-U.S. Senator Mike Crapo (R-Idaho), a senior member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, is pushing to enhance cryptocurrency scam protections for Idahoans and Americans. Crapo signed onto the Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act, legislation led by Senators Jerry Moran (R-Kansas) and Elissa Slotkin (D-Michigan).

The bipartisan bill would establish an inter-governmental task force, bringing together federal agencies, law enforcement and private sector stakeholders to help identify and combat cryptocurrency-related fraud.

"Cryptocurrency scams accounted for roughly half of all cybercrime losses last year in the United States," said Crapo. "This alarming trend underscores the need for better protections for Americans. The SAFE Crypto Act would establish a much-needed taskforce to strengthen collaboration among law enforcement and financial regulators, helping safeguard consumers from this growing threat."

The task force would be required to present an update within a year of its launch to the Senate Banking and Agriculture committees and the House Financial Services and Agriculture committees, followed by annual reports to the respective committees.

"Over the last two years, we've tracked billions in scams and fraud across the crypto ecosystem," said Ari Redbord, Vice President, Global Head of Policy, TRM Labs. "Solving this problem requires real-time disruption. This legislation enables public-private collaboration using blockchain intelligence to track, interdict, and disrupt illicit networks as activity is occurring - helping protect victims and ensure a safer financial system. By bringing industry and law enforcement together, we can meaningfully reduce criminals' ability to exploit transformative technologies for harm."

Members of the task force would include:

1. The following federal agencies, including the U.S. Department of the Treasury as the chair of the task force (or a designee thereof): the Office of the Attorney General; the Financial Crimes Enforcement Network (FinCEN); the U.S. Secret Service; and any additional federal agency that the Department of Treasury, in consultation with the task force, deems relevant.
2. The following industry groups: including stablecoin issuers; cryptocurrency exchanges; cryptocurrency custodians; blockchain intelligence providers; a representative of scam victims or consumer protection groups; and any additional private sector stakeholder that the Department of Treasury, in consultation with the task force, deems relevant.
3. Representatives of federal, state and local law enforcement.
4. Representatives of one or more state bank regulatory authorities.

Full text of the SAFE Crypto Act can be found HERE.

###