Key facts
- A bipartisan bill in the U.S. House of Representatives proposes establishing a cryptocurrency theft task force.
- The task force would be led by the U.S. attorney general and involve multiple federal agencies.
- The legislation aims to increase collaboration between law enforcement, financial regulators, and private sector entities.
- The SAFE Crypto Act seeks to combat the growing problem of cryptocurrency scams and fraud.
- The task force will include representatives from government agencies, industry groups, and law enforcement.
A bipartisan bill introduced in the U.S. House of Representatives aims to establish a dedicated task force to combat cryptocurrency theft. The proposed legislation would create a multi-agency group, led by the U.S. attorney general, to coordinate efforts across various law enforcement and financial regulatory bodies.
The bill, referred to as the SAFE Crypto Act, seeks to address the significant rise in cryptocurrency scams, which accounted for roughly half of all cybercrime losses in the United States last year. Senator Mike Crapo has voiced support for the act, emphasizing the need for enhanced collaboration to protect consumers.
The task force would comprise representatives from key government agencies, including the U.S. Department of the Treasury (designated as chair), the Office of the Attorney General, FinCEN, and the U.S. Secret Service. It would also include industry stakeholders such as stablecoin issuers, cryptocurrency exchanges, custodians, and blockchain intelligence providers, alongside representatives from federal, state, and local law enforcement and state bank regulatory authorities.
Ari Redbord of TRM Labs highlighted the legislation's potential to enable real-time disruption of illicit networks through public-private collaboration, utilizing blockchain intelligence to protect victims and foster a safer financial system. The task force would be mandated to provide an initial update within a year of its establishment and submit annual reports to relevant congressional committees.