Crypto lawyer: The SAFE crypto bill will make scammers tremble.

Two U.S. senators have introduced legislation aimed at combating cryptocurrency fraud and scams, which will provide law enforcement agencies with better tools to detect attacks and identify criminals.

Strengthening the law enforcement framework for cryptocurrency, on Monday, Democrat Elissa Slotkin and Republican Jerry Moran introduced the SAFE Act, which aims to coordinate actions among the U.S. Treasury, law enforcement agencies, regulators, and private sector participants to fight cryptocurrency fraud and scams.

Slotkin stated: "The special task force established under the SAFE Crypto Act will enable us to leverage every resource to combat digital asset fraud." Moran added:

"As cryptocurrency becomes more widely adopted, this legislation will help address threats and ensure that all Americans are better protected from crypto scams."

The Federal Bureau of Investigation reported that in 2024, Americans lost $9.3 billions to cryptocurrency-related investment scams, a 66% increase from 2023. Those over the age of 60 were the most affected, with losses reaching $2.84 billions.

It is important to note that this data includes all investment scams that merely use cryptocurrency as a pretense. Many of these scams do not actually involve blockchain or cryptocurrency.

Despite efforts by both the public and private sectors to raise public awareness, crypto scammers and fraudsters have found more sophisticated ways to steal investors' funds.

However, Gabriel Shapiro, General Counsel of crypto investment firm Delphi Labs, pointed out that the successful implementation of the SAFE Crypto Act could cause panic among crypto scammers and fraudsters.

"If enforcement is ramped up, scammers might be scared out of their wits," Shapiro posted on X on Tuesday, noting that the Attorney General, the Director of the Financial Crimes Enforcement Network, and the Director of the U.S. Secret Service would be among the highest-level officials involved in pursuing crypto criminals.

Shapiro stated that the SAFE Crypto Act could be "very useful" because U.S. securities and commodities regulators currently do not focus their enforcement efforts on hackers, scammers, and Ponzi scheme operators.

TRM Labs Is One of Many Private Enterprises Offering Assistance

Blockchain forensics firm TRM Labs is one of the private sector participants prepared to assist U.S. officials. Its Vice President and Global Head of Policy, Ari Redbord, stated that cooperation will help track and combat illicit networks in real time:

"By bringing together industry and law enforcement, we can meaningfully reduce criminals' ability to exploit transformative technology for wrongdoing."