U.S. Senators Elissa Slotkin and Jerry Moran have introduced the "SAFE Crypto Act," a bipartisan bill aimed at enhancing federal efforts to combat cryptocurrency fraud. The proposed legislation seeks to establish a federal task force that will bring together the Treasury Department, law enforcement, financial regulators, and private sector experts to address crypto scams. This task force will focus on identifying and tracking fraudulent activities, providing investigative tools, and increasing public awareness of common crypto frauds. The task force is required to submit its initial report to Congress within a year of its formation and continue with annual updates. The initiative is seen as a crucial step in protecting the public from fraud as cryptocurrencies gain wider adoption. According to a Chainalysis report, illicit cryptocurrency transactions reached $51.3 billion in 2024, highlighting the growing complexity of crypto-related crimes.