[U.S. Senators Propose SAFE Act to Combat Crypto Fraud, Lawyer Says It May Deter Criminals]
U.S. Senators Elissa Slotkin and Jerry Moran introduced the 'Strengthening Agency Framework for Enforcement in Cryptocurrency Act' (SAFE Act) this Monday, aiming to coordinate efforts between the U.S. Treasury, law enforcement, regulatory agencies, and the private sector to combat cryptocurrency fraud. Gabriel Shapiro, General Counsel at Delphi Labs, stated on the X platform that if the act is effectively enforced, cryptocurrency fraudsters may feel alarmed, as the U.S. Attorney General, FinCEN Director, and U.S. Secret Service Director will be involved in the crackdown. According to a report by the FBI, U.S. citizens lost $9.3 billion to cryptocurrency investment scams in 2024, a 66% increase compared to 2023.