CR calls for comprehensive federal crypto safeguards for consumers and the financial system
WASHINGTON DC – Consumer Reports announced its support today for a bipartisan bill introduced by Senators Elise Slotkin and Jerry Moran that aims to protect consumers from the growing prevalence of cryptocurrency scams which continue to cause significant financial harm across the country. The Strengthening Agency Frameworks for Enforcement of Cryptocurrency (SAFE Crypto) Act would create a federal task force to coordinate efforts among the Treasury Department, law enforcement, regulators and private sector experts to identify, track, and stop crypto fraud.
“For too long consumers impacted by cryptocurrency scams have faced confusion about where to seek assistance, whom to contact, and how to navigate the reporting and potential remediation process,” said Lacey Aaker, fintech policy analyst at Consumer Reports. “Improved coordination among federal agencies and law enforcement, along with clearer mechanisms for identifying and disrupting fraudulent activity, are critical steps toward protecting consumers in a rapidly evolving digital finance marketplace.”
Cryptocurrency and blockchain technology hold the potential to expand financial access, enable faster and lower-cost payments, and support new consumer-facing products and services. However, the same innovative features that make crypto and blockchain-supported technologies near frictionless and often immutable also mean they serve as attractive venues through which to perpetrate scams. The FBI’s Internet Crime Complaint Center recently reported that Americans lost $9.3 billion to cryptocurrency scams in 2024.
Aaker continued, “Just as early concerns about the internet sometimes framed the technology itself as the problem, it is critical that crypto policy focuses on misuse by criminals rather than the underlying innovations, so consumers are protected while legitimate, innovative applications continue to develop. Efforts to improve data sharing, enhance public awareness, and support collaboration between federal, State, local, and Tribal authorities are particularly important as many crypto-related scams exploit jurisdictional gaps and consumer confusion.”
In addition to welcoming this proposed legislation, Consumer Reports continues to advocate for additional comprehensive federal legislation and regulation that provides for longer term consumer protection and fosters a resilient, sound financial system. CR has called on Congress to build on this work with a coherent legislative framework for the broader crypto ecosystem and a bipartisan market structure act that provides for clear rules of the road and to provide those agencies tasked with creating and enforcing regulations with the necessary staff and resources to do so.
In addition, the executive branch should work with the Senate to ensure bipartisan nominations and confirmations to fill the numerous vacancies on both the SEC and CFTC commissions in order to further drive balanced, effective, and durable oversight of this rapidly evolving market.
Consumer Reports encourages continued engagement between victims of scams, consumer advocates, technologists, and industry stakeholders to ensure that approaches to combating crypto scams both protect consumers today and preserve for consumers tomorrow the potential benefits of these technologies.
Media Contact: Michael McCauley, michael.mccauley@consumer.org