In a significant move to address the rising threat of cryptocurrency scams, U.S. Senators Jerry Moran and Elissa Slotkin have unveiled the SAFE Crypto Act. This bipartisan initiative, aimed at establishing a dedicated federal task force, seeks to enhance efforts in combating fraud related to digital assets.
The proposed task force will include experts from the Treasury Department, law enforcement agencies, and the private sector, all working collaboratively to coordinate enforcement actions. This inter-agency effort is designed to improve the existing regulatory framework and raise public awareness about the increasing prevalence of digital asset scams.
Senator Moran articulated the urgency of this initiative, highlighting that as the adoption of cryptocurrencies expands, so does the need for protective measures against fraudulent activities. The SAFE Act aims to empower local law enforcement with enhanced investigative tools, thereby improving their capacity to deter and address scams more effectively.
Ari Redbord, a representative from TRM Labs, expressed optimism about the potential impact of the SAFE Act, noting that it could significantly disrupt illicit networks through strengthened public-private partnerships.
Recent statistics underscore the pressing need for such measures. The FBI has reported staggering losses of approximately $2.84 billion for victims aged 60 and older due to cryptocurrency scams. This alarming trend highlights the vulnerability of older demographics and the critical necessity for improved enforcement mechanisms to protect them from fraud.
As of December 17, 2025, the price of Bitcoin (BTC) stands at $87,009.49, with a market capitalization of $1.73 trillion and a market dominance of 58.67%. Over the previous 24 hours, trading volume reached $39.17 billion, reflecting a decrease of 14.26%. In recent price movements, Bitcoin saw a daily increase of 1.24%, although it has experienced a decline of 25.75% over the past 90 days, according to data from CoinMarketCap.
The Coincu research team suggests that while the enforcement focus of the SAFE Act may lead to increased regulatory pressure, it also has the potential to stabilize the cryptocurrency market by removing fraudulent actors, thereby boosting investor confidence in compliant digital assets.
