SAFE Crypto Act

S 3428, the SAFE Crypto Act, establishes a Treasury-led Task Force to combat cryptocurrency scams. The Task Force includes representatives from law enforcement (like the Secret Service), digital asset service providers, scam victims, and industry stakeholders to develop strategies against scams such as financial grooming, rug pulls, and fraudulent coin offerings. It will evaluate existing fraud databases, assess scam methods, and recommend improvements to education, reporting systems, and real-time information sharing. The Task Force must submit annual reports to Congress and will terminate three years after its first report.