The United States intensifies crackdown on scams! The Senate bipartisan team forms a Crypto special working group

The United States has proposed a bipartisan-supported “Secure Crypto Act,” aimed at establishing a federal task force to reduce cryptocurrency scams. The bill requires the Secretary of the Treasury to form the task force within 180 days after passage, with members including government officials, law enforcement agencies, and representatives from the crypto industry. The task force must hold at least three meetings annually and submit reports outlining strategies and regulatory recommendations. According to data from ImmuneFi, crypto scam losses in the first four months of 2025 alone have exceeded $1.7 billion.

$53 Billion Scam Black Hole Forcing Cross-Agency Collaboration

(Source: U.S. Senator Elissa Slotkin)

The birth of the “Secure Crypto Act” stems from a startling figure: since 2023, over $53 billion has been stolen worldwide through crypto scams and thefts. Ari Redbord, Vice President and Head of Global Policy at TRM Labs, stated: “Addressing this threat requires close cooperation among government departments, early detection of scam activities, freezing and seizure of funds within legal bounds, and dismantling the infrastructure that enables these scams to operate on a large scale.”

The current law enforcement dilemma lies in fragmentation. The FBI is responsible for investigations but lacks blockchain tracking expertise; the Treasury holds financial intelligence but has limited enforcement authority; the SEC and CFTC oversee different areas but often have overlapping jurisdictions; state-level law enforcement agencies operate independently, making cross-state cases difficult to coordinate. This fragmentation allows scammers to exploit loopholes, shifting jurisdiction when one department targets them.

The most notorious example is the “Pig Slaughter” scam. In November 2025, the U.S. Department of Justice announced the formation of a “Scam Enforcement Task Force,” collaborating with the FBI, Secret Service, Treasury, and other agencies to combat this type of international crypto scam originating from China. These scams use fake crypto platforms and identity theft to defraud billions of dollars from the global public in recent years. However, this ad hoc cross-agency cooperation lacks institutional foundation. The “Secure Crypto Act” aims to institutionalize such collaboration.

Five Core Missions of the Federal Task Force

Investigate and Prevent Scams: Establish early warning systems, identify new scam techniques, and issue alerts

Develop Cross-Agency Approaches: Standardize investigation procedures and evidence sharing mechanisms across agencies, eliminate jurisdictional gray areas

Gather Stakeholder Insights: Incorporate frontline intelligence from exchanges and blockchain analysis firms to fill government information gaps

Promote Information Sharing: Break down departmental barriers, build secure intelligence sharing platforms, and accelerate case resolution

Asset Recovery and Seizure: Coordinate freezing and seizure of stolen funds to improve victim asset recovery rates

Redbord believes that if this team is established, it will significantly promote greater cross-departmental coordination. “The ‘Secure Crypto Act’ lays an important foundation for more coordinated and proactive responses to crypto scams and thefts.” This positive assessment comes from industry representatives who may become members of the task force, indicating industry support for this initiative.

Rare Bipartisan Moment

In the current polarized U.S. political environment, bipartisan support for a bill is extremely rare. Senator Slotkin is a Democrat, while Moran is a Republican; their ability to work across party lines highlights the widespread recognition of the seriousness of crypto scams. “Our legislation will establish a task force to strengthen coordination among government agencies, law enforcement, and the financial services industry to jointly identify and combat crypto fraud,” Senator Moran emphasized.

Behind this bipartisan cooperation is the reality of voter pressure. Victims of crypto scams are across all states and demographics, from young crypto speculators to elderly individuals who have lost their retirement savings. When voters suffer heavy losses, they do not care which party is in power—they demand action. This cross-party public pressure makes crypto scams one of the few issues capable of uniting both parties.

However, the bill’s passage is still uncertain. Although the sponsors show goodwill, the bill must go through committee reviews, full votes, and reconciliation in both chambers. During this process, amendments may be proposed, or political considerations may hinder progress. Even if passed, the 180-day timeline means the program may not be operational until mid-2026 at the earliest.

2025 Scam Surge Warning

As the bill is introduced, data indicates that crypto scams could surge significantly in 2025. ImmuneFi’s report shows that in just April, losses from hacking and scams exceeded $1.7 billion, while the total loss in 2024 was $1.49 billion. This means that in the first four months of 2025, losses already surpassed last year’s total, and if the trend continues, annual losses could exceed $5 billion.

Scam techniques are also evolving. The “Pig Slaughter” scam builds long-term trust through social engineering before executing the scam, achieving high success rates. Fake crypto investment platforms pose as legitimate exchanges to attract unwitting investors. Phishing sites mimic well-known wallets or DeFi protocols to steal private keys. Airdrop scams send spam tokens to lure users into malicious websites for transaction authorization. These methods exploit the anonymity and irreversibility of crypto transactions, making recovery nearly impossible once successful.

The bill mandates the task force to develop public education strategies, which is a crucial preventative measure. Many scams succeed because victims lack basic security awareness. Teaching users to recognize common scam features, protect private keys, and verify platform authenticity can reduce scam success rates from the source.

The task force will also collaborate with foreign governments, which is vital for combating transnational scams. Many scam gangs are based in Southeast Asia or Eastern Europe, and U.S. law enforcement alone cannot reach them. International cooperation, intelligence sharing, and coordinated actions are necessary to truly dismantle these transnational criminal networks.

For the crypto industry, this bill is a double-edged sword. On the positive side, it can enhance overall market credibility; as the government actively fights scams, legitimate projects will benefit from a cleaner environment. On the negative side, it may lead to increased compliance requirements, with exchanges and protocols needing to cooperate with government investigations, raising operational costs. However, in the long run, a healthy regulatory environment will benefit mainstream adoption of crypto, and the short-term compliance costs are a worthwhile investment.