[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3428 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 3428
To establish a Task Force for Recognizing and Averting Cryptocurrency
Scams, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 10, 2025
Mr. Moran (for himself and Ms. Slotkin) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
To establish a Task Force for Recognizing and Averting Cryptocurrency
Scams, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Strengthening Agency Frameworks for
Enforcement of Cryptocurrency Act'' or the ``SAFE Crypto Act''.
SEC. 2. DEFINITIONS.
In this Act:
(1) Digital asset; digital asset service provider;
permitted payment stablecoin issuer.--The terms ``digital
asset''; ``digital asset service provider''; and ``permitted
payment stablecoin issuer'' have the meanings given those terms
in section 2 of the GENIUS Act (12 U.S.C. 5901), respectively.
(2) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(3) Task force.--The term ``Task Force'' means the Task
Force on Cryptocurrency Scams established under section 3(a).
SEC. 3. TASK FORCE ON CRYPTOCURRENCY SCAMS.
(a) Establishment.--Not later than 180 days after the date of
enactment of this Act, the Secretary shall establish a task force, to
be known as the Task Force for Recognizing and Averting Cryptocurrency
Scams.
(b) Membership.--
(1) Composition.--The Task Force shall be chaired by the
Secretary, or a designee thereof, and shall consist of the
following individuals, or the designees of these individuals:
(A) The Attorney General.
(B) The Director of the Financial Crimes
Enforcement Network.
(C) The Director of the United States Secret
Service.
(D) The head of any other relevant Federal
department or agency, as determined by the Secretary,
in consultation with the Task Force.
(E) Representatives of permitted payment stablecoin
issuers.
(F) Representatives of digital asset service
providers.
(G) Representatives of digital asset custodians.
(H) Representatives of blockchain intelligence
providers.
(I) Representatives of victims, scam support
networks, or other relevant consumer protection
stakeholders.
(J) Representatives of Federal, State, and local
law enforcement.
(K) Representatives of any other industries, as
determined necessary by the Secretary.
(L) Representatives from 1 or more State bank
regulatory authorities.
(2) Term of appointment.--The term of a member of the Task
Force shall continue until the termination of the Task Force.
(3) Vacancy.--Any vacancy occurring in the membership of
the Task Force shall be filled in the same manner in which the
original appointment was made.
(c) Purposes.--The purposes of the Task Force include the
following:
(1) Scam detection and prevention.--The Task Force shall
examine current trends and developments in the financial
grooming scams involving digital assets, identify effective
methods for preventing such scams, and issue recommendations to
enhance efforts to identify and prevent such activities.
(2) Cross-sector approach.--The Task Force shall adopt a
cross-sector approach to ensure its recommendations reflect the
full scope of the issue, given that scams impact individuals
across jurisdictions and a wide range of industries, including
financial services, telecommunications, and technology.
(3) Stakeholder insight.--The Task Force shall include
representation from--
(A) stakeholders with direct experience supporting
victims of scams (including individuals forced to
engage in the scams and individuals impacted by the
scams); and
(B) industry participants with insight into--
(i) the organized crime networks
perpetrating the scams;
(ii) digital asset ATMs; and
(iii) prevention strategies, including
following the money to detect, deter, and
dismantle the organized crime networks.
(4) Information sharing and interdiction networks.--The
Task Force, in coordination with relevant Federal agencies, is
encouraged to promote participation by digital asset service
providers and permitted payment stablecoin issuers in public-
private, real-time information sharing and interdiction
networks designed to detect, disrupt, and prevent the off-
ramping of funds associated with scams, fraud, and other
illicit activities.
(5) Enhanced asset recovery mechanisms.--The Task Force
shall work with permitted payment stablecoin issuers to ensure
that the permitted payment stablecoin issuers maintain and use
technical capabilities to freeze, seize, burn, or reissue
digital assets determined to be proceeds of scams or other
unlawful conduct, consistent with applicable law and due
process protections.
(d) Meetings.--The Task Force shall meet not less than 3 times
during the 1-year period beginning on the date of enactment of this
Act, and thereafter at such times and places, and by such means, as the
Chair of the Task Force determines to be appropriate, which may include
the use of remote conference technology.
(e) Duties.--The duties of the Task Force shall include--
(1) evaluating opportunities to use data collected by the
Internet Crime Complaint Center database of the Federal Bureau
of Investigation and the fraud reporting database of the
Federal Trade Commission;
(2) evaluating best practices for combating methods (such
as financial grooming scams, Ponzi schemes, money laundering,
organized crime schemes, fraudulent Initial Coin Offerings, and
rug pulls) used by scammers, including means of identifying,
communicating with, and exploiting victims;
(3) assessing how international jurisdictions have tried to
prevent scams involving digital assets;
(4) identifying and reviewing current methods used to scam
individuals, including users and consumers, using digital asset
intermediaries;
(5) determining a strategy for education programs that
better equip individuals, including consumers, to identify,
avoid, and report digital asset scam attempts to the
appropriate law enforcement or government authorities;
(6) coordinating efforts to ensure perpetrators of scams
involving digital assets can be identified and pursued by law
enforcement;
(7) consulting with other relevant stakeholders, including
State, local, and Tribal agencies and financial services
providers;
(8) determining whether any additional Federal legislation
and full-time equivalents would be beneficial for law
enforcement and industry in mitigating scams involving digital
assets; and
(9) working with international governments and law
enforcement agencies to combat digital asset scams, including
by targeting the organized crime networks perpetrating scams,
originating abroad.
(f) Compensation.--Each member of the Task Force shall serve
without compensation, other than compensation to which entitled as an
employee of the United States, as the case may be.
(g) Report.--
(1) In general.--Not later than 1 year after the date on
which the Secretary establishes the Task Force, the Task Force
shall submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate, the Committee on Agriculture, Nutrition,
and Forestry of the Senate, the Committee on Financial Services
of the House of Representatives, and the Committee on
Agriculture of the House of Representatives and make publicly
available online a report detailing--
(A) the results of the reviews and evaluations of
the Task Force under subsection (e);
(B) the strategy identified under subsection (e);
(C) any legislative, regulatory, or personnel
recommendations that would enhance the ability to
detect and prevent scams involving digital assets
described in subsection (e); and
(D) recommendations to enhance cooperation among
Federal, State, local, and Tribal authorities in the
investigation and prosecution of scams and other
financial crimes, including harmonizing data
collection, improving data sharing processes, improving
reporting mechanisms and streams, estimating the number
of complaints and consumers affected, and evaluating
the effectiveness of anti-scam training programs.
(2) Annual updates.--After submitting an initial report
required under paragraph (1), the Task Force shall, on an
annual basis, submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate, the Committee on Agriculture,
Nutrition, and Forestry of the Senate, the Committee on
Financial Services of the House of Representatives, and the
Committee on Agriculture of the House of Representatives and
make publicly available online an updated version of the
report.
(h) Applicable Law.--Chapter 4 of title 5, United States Code,
shall not apply to the Task Force.
(i) Sunset.--The Task Force shall terminate on the date that is 3
years after the date on which the Task Force submits the report
required under subsection (g)(1).
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