U.S. Senators Elissa Slotkin (Democrat) and Jerry Moran (Republican) introduced the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act (SAFE Act) on Monday. This bill aims to coordinate actions by the U.S. Treasury Department, law enforcement, 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 if the bill is effectively implemented, cryptocurrency fraudsters and scammers could feel panicked. He noted that senior officials, including the Attorney General, the head of the Financial Crimes Enforcement Network (FinCEN), and the head of the Secret Service, will be involved in hunting down cryptocurrency criminals. An FBI report states that in 2024, Americans lost $9.3 billion to cryptocurrency-related investment scams, a 66% increase from 2023.