The SAFE Crypto Act establishes a federal Task Force on Cryptocurrency Scams within the Treasury Department to combat scams involving digital assets and cryptocurrencies. The task force will bring together representatives from federal agencies (including the Justice Department, Secret Service, and FBI), private cryptocurrency companies, law enforcement, consumer protection groups, and victims' advocates to study scam trends, develop prevention strategies, and improve coordination across sectors. Within one year of its creation, the task force must submit a report to Congress with findings on scam prevention methods, educational strategies, and recommendations for new laws or resources needed to combat digital asset fraud; it will then provide annual updates for two additional years before automatically shutting down three years after its initial report. The bill focuses on addressing organized crime networks engaged in financial grooming scams, rug pulls, and other cryptocurrency fraud schemes, and encourages real-time information sharing between government and industry to freeze stolen funds and support victims.
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