The U.S. Senate has introduced the SAFE Crypto Act on December 17, aiming to combat the $9.3 billion lost to cryptocurrency scams. Spearheaded by Senators Slotkin and Moran, the legislation proposes the creation of a federal task force that will include the Treasury, Department of Justice, and blockchain companies to address enforcement gaps. The bill also emphasizes the importance of Countering the Financing of Terrorism, enhancing liquidity, and improving oversight of crypto markets. It highlights the need for public education and international cooperation as U.S. crypto-related losses have surged by 66% over the past year.