SAFE Crypto Act

This bill mandates the establishment of a Task Force on Cryptocurrency Scams within 180 days of enactment, to be chaired by the Secretary of the Treasury. Its primary purpose is to address the growing problem of digital asset-related fraud by examining current scam trends, identifying effective prevention methods, and issuing recommendations to enhance enforcement efforts. The Task Force will comprise a broad range of stakeholders, including representatives from federal agencies like the Attorney General and Secret Service, as well as digital asset service providers, stablecoin issuers, blockchain intelligence firms, and victim support networks. This diverse membership aims to foster a cross-sector approach , ensuring recommendations reflect the full scope of the issue and incorporate insights from those directly impacted by scams and those with expertise in combating organized crime networks. Key duties of the Task Force include evaluating data from existing fraud databases, assessing international prevention strategies, and developing consumer education programs to help individuals identify and avoid scams. It is also tasked with promoting public-private information sharing networks to disrupt illicit activities and working with permitted payment stablecoin issuers to ensure technical capabilities for freezing or seizing digital assets identified as scam proceeds, consistent with legal due process. Ultimately, the Task Force will submit an initial report to Congress within one year of its establishment, detailing its findings, strategies, and any necessary legislative, regulatory, or personnel recommendations. This report, along with annual updates, will aim to enhance cooperation among federal, state, local, and tribal authorities in investigating and prosecuting digital asset scams, and to improve data collection and sharing processes.