SAFE Crypto Act will have scammers shaking in their boots: Crypto lawyer

cointelegraphPublicado a 2025-12-17Actualizado a 2025-12-17

Resumen

The SAFE Crypto Act, introduced by US Senators Elissa Slotkin and Jerry Moran, aims to combat crypto fraud by enhancing coordination between the Treasury, law enforcement, regulators, and private sector entities. The legislation responds to a reported $9.3 billion in crypto-related investment scams in 2024, a 66% increase from the previous year, with seniors being the most affected group. Crypto lawyer Gabriel Shapiro stated that the act could significantly deter scammers by involving high-level officials like the Attorney General in enforcement actions. Blockchain forensic firm TRM Labs has expressed readiness to assist, emphasizing that collaboration between industry and law enforcement can disrupt illicit crypto activities in real-time.

Two US Senators have introduced legislation aimed at cracking down on crypto fraud and scams by equipping law enforcement with better tools to spot attacks and identify perpetrators.

The Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE) Act, introduced by Democrat Elissa Slotkin and Republican Jerry Moran on Monday, seeks to coordinate action between the US Treasury, law enforcement, regulators, and private sector players to tackle crypto fraud and scams, which have extracted millions from victims.

“This task force, established by the SAFE Cryptocurrency Act, will allow us to draw upon every resource we have to combat fraud in digital assets,” Slotkin said, while Moran added:

“As cryptocurrency becomes more widely used, this legislation would help counter threats and make certain all Americans are better protected from crypto scams.”

The Federal Bureau of Investigation reported Americans lost $9.3 billion to crypto-related investment scams in 2024, marking a 66% increase from 2023. Individuals over 60 were the most affected, accounting for losses of $2.84 billion.

It should be noted that the figure includes any investment scam that simply mentions crypto as part of its ploy. Many do not involve blockchain or cryptocurrencies.

Despite public and private efforts to raise awareness, crypto fraudsters and scammers have found more sophisticated ways to steal funds from investors.

But Gabriel Shapiro, general counsel of crypto investment firm Delphi Labs, said a successful implementation of the SAFE Crypto Act could send crypto fraudsters and scammers into panic mode.

“Scammers will probably end up shitting themselves if this goes hard,” Shapiro said in a post to X on Tuesday, while noting that the Attorney General, Director of the Financial Crimes Enforcement Network and the Director of the United States Secret Service would be among the highest-ranking officials involved in pursuing crypto criminals.

Shapiro said the SAFE Crypto Act could be “very useful” as the US securities and commodity regulators currently aren’t as focused on enforcement action against hackers, scammers and Ponzi scheme operators.

TRM Labs among the private players to lend a hand

Blockchain forensic firm TRM Labs is among the private sector players ready to assist US officials, with its vice president and global head of policy, Ari Redbord, stating that a collaboration would help track and disrupt illicit networks in real-time:

Related: How crypto is used in 2025: YouTube, Pokémon cards and more

“By bringing industry and law enforcement together, we can meaningfully reduce criminals’ ability to exploit transformative technologies for harm.”

Magazine: Meet the onchain crypto detectives fighting crime better than the cops

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Bienvenido a la comunidad de HTX. Aquí puedes mantenerte informado sobre los últimos desarrollos de la plataforma y acceder a análisis profesionales del mercado. A continuación se presentan las opiniones de los usuarios sobre el precio de SAFE (SAFE).