U.S. Senators Push to Form Task Force to Combat Cryptocurrency Crimes

As the use of cryptocurrencies rapidly spreads, the number of related fraud cases is also surging. In this context, U.S. Senators have taken action. According to PANews, Senators Elissa Slotkin and Jerry Moran have introduced a new bill called the “SAFE Crypto Act” with bipartisan support, which aims to establish a federal-level comprehensive strategy to address cryptocurrency-related crimes.

Key Points of the SAFE Crypto Act

The bill proposes the establishment of a federal task force composed of the Treasury Department, law enforcement agencies, financial regulators, and private sector experts. This task force is intended to be more than an advisory body; it will serve as an operational organization that systematically analyzes trends in cryptocurrency scams, provides integrated investigative tools to various agencies, and launches public awareness campaigns. The task force must submit its first report to Congress within one year of its establishment and is required to provide annual updates thereafter.

A New Approach to Filling Regulatory Gaps

Senators expect this bill to effectively address existing regulatory gaps related to various forms of cryptocurrency crimes, including hacking, phishing scams, and small-scale Ponzi schemes. Industry stakeholders also view this positively, seeing it as a case that demonstrates the importance of cooperation between government and private sectors in preventing scams.

Rising Illegal Transaction Volumes and the Need for Regulation

According to the latest report from Chainalysis, illegal cryptocurrency transactions are estimated to reach $51.3 billion in 2024. This figure not only indicates an increase in numbers but also reflects the growing sophistication and diversification of cryptocurrency crimes. In this reality, the introduction of this bill by Senators is seen as a practical policy response to better protect citizens from the increasing threat of scams.