Bills · S 3428
IN COMMITTEE· 119TH CONGRESS
Senate BillS 3428Finance and Financial Sector
SAFE Crypto Act
INTRO DEC 10· LAST ACTION DEC 10
READING
7MIN
COSPONSORS
2BIPARTISAN
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenCryptocurrency scams have become a significant problem, costing people billions of dollars each year and eroding trust in digital finance. This bill matters because it directly addresses this growing issue by creating a dedicated, multi-faceted effort to combat these scams. If this bill becomes law, it could lead to more effective strategies for identifying and preventing crypto fraud, better coordination among law enforcement and industry players, and potentially improved ways for victims to recover their stolen assets. This means a safer environment for anyone interested in digital currencies and a stronger defense against criminal organizations operating in this space. If it doesn't become law, efforts to combat crypto scams would remain fragmented, potentially leaving more individuals vulnerable and making it harder to prosecute offenders and recover funds.
KEY PROVISIONS
5AI-extractedPROVISION 01
Establishes a Task Force for Recognizing and Averting Cryptocurrency Scams within 180 days of the bill becoming law.
This creates a dedicated, high-level body specifically focused on understanding and combating the complex and evolving nature of cryptocurrency fraud.
PROVISION 02
The Task Force will include representatives from government agencies, cryptocurrency businesses, blockchain intelligence providers, and groups representing scam victims.
This broad membership ensures a diverse range of expertise and perspectives are brought together to address scams from multiple angles.
PROVISION 03
The Task Force is tasked with examining scam trends, identifying prevention methods, developing education programs, and promoting information sharing to disrupt illicit activities.
These duties aim to proactively prevent scams, educate the public, and improve the ability to stop criminal operations in real-time.
PROVISION 04
The Task Force will work with stablecoin issuers to ensure they have technical capabilities to freeze, seize, burn, or reissue digital assets identified as scam proceeds, consistent with legal protections.
This provision aims to enhance the ability to recover stolen funds, offering a potential path for victims to retrieve assets lost to fraud.
PROVISION 05
The Task Force must submit a public report to Congress within one year, detailing its findings, strategies, and legislative or regulatory recommendations.
This ensures accountability, transparency, and provides a clear roadmap for future actions needed to address cryptocurrency scams.
SPONSORSHIP
1 + 2
R· Kansas
YRS IN OFFICE
29
BILLS LED
85
COSPONSOR BREAKDOWNBIPARTISAN · 100%
DEM 1 REP 1 IND 0
ACTION TIMELINE
2 EVENTSDEC 10
Introduced in Senate
DEC 10
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Bill
NumberS 3428
Congress119th
StatusIn Committee
IntroducedDec 10, 2025
Last actionDec 10, 2025
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED DEC 10, 2025
Senate BillS 3428Finance and Financial Sector
SAFE Crypto Act
INTRODUCED DEC 10, 2025· LAST ACTION DEC 10, 2025
PASSAGE CHANCES
—%
READING
7 min
COSPONSORS
2
COMPLEXITY
Moderate
