The U.S. Congress has taken steps to establish a dedicated federal task force to combat the surge in cryptocurrency fraud. The SAFE Crypto Act, co-sponsored by Democratic and Republican senators, aims to establish an official consultative body encompassing government, investigative agencies, and the virtual asset industry.
According to the bill, the Secretary of the Treasury must establish a task force within 180 days of its passage. Its members will include government and law enforcement officials, as well as representatives from private sector organizations such as exchanges and blockchain analytics firms. The task force will meet at least three times a year and establish a joint, government-wide response system, encompassing everything from fraud detection and prevention to information sharing and the tracing and recovery of criminal assets.
Additionally, within one year of launch, the organization is required to submit an official report outlining its operational strategy and recommending to Congress the need for additional regulations and legislation. This is not simply an advisory body; it is designed to serve as a starting point for future legislation to combat cryptocurrency crime.
The rapidly increasing scale of damage is behind the legislation. According to security firm ImmunePi, as of April 2025, cryptocurrency hacking and fraud losses exceeded $1.7 billion, already exceeding the total losses incurred in 2024. Industry insiders argue that "cryptocurrency fraud cannot be solved through information sharing alone; a coordinated response, including early detection and freezing and confiscation of funds, is necessary."
Although the SAFE Crypto Act is still in its drafting stages, it is being evaluated as a signal for a shift in the U.S. regulatory and investigative system in the future, as it officially recognizes cryptocurrency fraud as a separate policy issue.
