Crypto industry gets seat at federal fraud-fighting table—with asset seizure power
S. 3428 — SAFE Crypto Act · Filed by Jerry Moran (R-KS) · 2 cosponsors · Introduced Dec 10, 2025 · Referred to committee
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What it does
This bill creates a federal Task Force on Cryptocurrency Scams, chaired by the Treasury Secretary, to coordinate anti-fraud efforts across government agencies, law enforcement, and the cryptocurrency industry. The Task Force will study scam trends, recommend prevention strategies, facilitate information-sharing between crypto companies and law enforcement, and help recover stolen assets—issuing a public report within one year and annual updates thereafter before dissolving after three years.
Why we flagged it
The bill's core function is establishing an inter-agency and public-private task force to combat cryptocurrency scams through information-sharing, asset recovery, and coordinated law enforcement—not regulation or enforcement authority itself.
What the text implies
- The Task Force includes representatives from crypto companies and stablecoin issuers as voting members, giving industry direct input into federal anti-fraud strategy and potentially creating conflicts of interest when industry self-regulation is discussed.
- The bill grants crypto companies and stablecoin issuers authority to 'freeze, seize, burn, or reissue digital assets' in coordination with the Task Force, effectively delegating asset seizure power to private entities with minimal due-process guardrails beyond 'applicable law.'
The full analysis lists 4 implications of this text.
Who stands to gain
cryptocurrency exchanges and digital asset service providers; stablecoin issuers; blockchain intelligence and forensics firms