US Democrats Elissa Slotkin and Jerry Moran have launched a brand new invoice, the Strengthening Company Frameworks for Enforcement of Cryptocurrency (SAFE) Act, to cut back cryptocurrency scams and fraud.
The SAFE Act would arrange a job drive to coordinate efforts among the many US Treasury, regulation enforcement, regulators, and trade teams.
Slotkin stated the group would assist the federal government use all out there sources to struggle digital asset fraud. Moran added that as extra individuals use cryptocurrency, the brand new regulation would enhance Individuals’ safety in opposition to on-line scams.
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Current FBI knowledge exhibits that cryptocurrency fraud stays a significant drawback. In 2024, Individuals misplaced round $9.3 billion to crypto funding scams. Older adults, particularly these over 60, suffered probably the most, with whole losses reaching $2.84 billion.
Gabriel Shapiro, normal counsel at Delphi Labs, stated the SAFE Act might make life more durable for scammers whether it is correctly enforced. In a submit on X, he said that fraudsters would possibly panic if the regulation had been to be utilized.
He famous that key figures, together with the lawyer normal, the director of the Monetary Crimes Enforcement Community, and the US Secret Service director, would oversee investigations.
Shapiro additionally stated the plan might fill a spot in enforcement. He defined that whereas present regulators, just like the Securities and Change Fee (SEC) and the Commodity Futures Buying and selling Fee (CFTC), concentrate on monetary compliance, they don’t at all times goal hackers, rip-off networks, or Ponzi schemes.
The Monetary Conduct Authority (FCA) in the UK launched three papers for public session on December 16. What do the paperwork cowl? Learn the complete story.
