US Senator Introduces Bill to Create Federal Task Force to Combat Cryptocurrency Scams

A new consumer-protection push is taking shape in the US Senate as Senator Jerry Moran introduced S.3428, a bill aimed at establishing a Task Force for Recognizing & Averting Cryptocurrency Scams. The proposal reflects rising concern over fraud schemes that exploit crypto markets, targeting retail users through impersonation, phishing, fake investment opportunities, & social engineering.

The bill is listed under the 119th Congress (2025–2026) & has been referred to the Senate Committee on Banking, Housing, & Urban Affairs, placing it within the Senate’s main pipeline for financial-system oversight & digital-asset policy discussions

• What the Bill Proposes
• Why This Matters Now?
• Current Status
• Potential Industry Impact

What the Bill Proposes

S.3428 proposes creating a dedicated federal task force focused on improving how authorities identify, track, & prevent cryptocurrency scams. While operational details will be shaped in committee review, the bill’s stated objective suggests a more proactive, coordinated approach rather than purely reactive enforcement after losses occur.

The task force would likely concentrate on:

• Recognizing emerging scam patterns across crypto markets
• Improving early-warning signals for consumers & platforms
• Strengthening inter-agency coordination across regulators & law enforcement
• Advising policymakers on evolving fraud techniques & mitigation strategies
• Supporting public awareness efforts to reduce victimization

This framing indicates an intent to build a centralized capability for scam detection & prevention as the methods used by fraudsters continue to evolve quickly.

Why This Matters Now?

Crypto scams remain one of the most persistent risks in the digital asset ecosystem, amplified by global reach, instant settlement, pseudonymous wallets, & the speed at which new tokens & narratives can spread. The challenge for policymakers has been that traditional financial fraud tools often struggle to keep pace with decentralized infrastructure & cross-border coordination needs.

By creating a task force, lawmakers may be aiming to:

• reduce fragmentation between agencies
• standardize scam classification & response playbooks
• improve intelligence sharing with platforms & investigators
• shape a clearer policy foundation for future digital-asset enforcement

The bill’s focus on scams also signals a shift toward treating crypto fraud as a distinct category requiring specialized expertise, not merely a subset of broader cybercrime.

Current Status

As per the legislative tracker shown in the bill overview:

• Sponsor: Sen. Moran, Jerry
• Committee: Senate Banking, Housing, & Urban Affairs
• Latest action: Read twice & referred to committee
• Tracker stage: Introduced

From here, the bill must move through committee steps (hearings, markup, vote) before it can reach a full Senate vote. A companion House bill has not been indicated in the screenshot shared.

🚨NEW: Senator @JerryMoran has introduced a bill to establish a Task Force for Recognizing and Averting Cryptocurrency Scams pic.twitter.com/r64rJtvFlf

— Taylor Barr (@taylorjbarr) December 11, 2025

Potential Industry Impact

If enacted, the task force could influence how future US policy frames consumer protection in crypto, including expectations around:

• scam-reporting pipelines & transparency
• risk warnings & user education standards
• advertising & influencer-driven promotion scrutiny
• cooperation frameworks between platforms & law enforcement

Notably, the proposal focuses on fraud actors exploiting crypto, rather than treating cryptocurrency itself as inherently illicit. That distinction may matter for legitimate firms that want clearer rules while also pushing for more targeted enforcement against scams.

As S.3428 enters committee review, it will be watched closely by exchanges, wallet providers, compliance teams, fintech policymakers, & consumer-protection advocates tracking the next phase of US crypto regulation.

If you find any issues in this blog or notice any missing information, please feel free to reach out at yash@etherworld.co for clarifications or updates.

Related Articles

1. India to Change Crypto Strategy as Global Trends Shift
2. An Indian bank enabling crypto services with UNICAS
3. India’s Consultation Paper on Cryptocurrency; RBI DG Statement
4. Jio x Aptos: How India’s Giant Is Turning Web3 Into Everyday Utility
5. Amravati to Put All Government Records on Polygon Blockchain