The "Secure Encryption Act" aims to combat cryptocurrency fraud, and lawyers say it will deter crypto fraudsters.

According to Odaily Planet Daily, U.S. Senators Elissa Slotkin (Democrat) and Jerry Moran (Republican) introduced the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act (SAFE Act) on Monday.

The bill aims to coordinate the actions of the U.S. Treasury Department, law enforcement agencies, regulatory agencies, and the private sector to combat cryptocurrency fraud and scams.

Gabriel Shapiro, General Counsel of Delphi Labs, posted on the X platform that cryptocurrency fraudsters and scammers could panic if the bill is effectively implemented. He pointed out that senior officials, including the U.S. Attorney General, the head of the Financial Crimes Enforcement Network (FinCEN), and the head of the U.S. Secret Service, will be involved in the pursuit of cryptocurrency criminals.

According to a report by the FBI, Americans lost $9.3 billion in cryptocurrency-related investment scams in 2024, a 66% increase from 2023.