The "Secure and Fair Enforcement of Crypto Act" aims to combat cryptocurrency fraud, and lawyers say it will deter crypto fraudsters.

According to Odaily, U.S. Senators Elissa Slotkin (Democrat) and Jerry Moran (Republican) introduced the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act (SAFE Act) this Monday.

This bill aims to coordinate the actions of the U.S. Department of the Treasury, law enforcement agencies, regulatory bodies, and the private sector to combat cryptocurrency fraud and scams.

Gabriel Shapiro, General Counsel of Delphi Labs, posted on X that if this bill is effectively enforced, cryptocurrency fraudsters and scammers may panic. He pointed out that senior officials such as the U.S. Attorney General, the head of the Financial Crimes Enforcement Network (FinCEN), and the head of the U.S. Secret Service will participate in the pursuit of cryptocurrency criminals.

The Federal Bureau of Investigation reported that in 2024, Americans lost $9.3 billions to cryptocurrency-related investment scams, an increase of 66% compared to 2023.