,,ii #aaith ,,congress #ast ,session ,s4 #cdbh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #aj1 #bjbe,mr4 ,moran 7for himself and ,ms4 ,slotkin7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to establish a ,task ,force for ,recognizing and ,averting ,cryptocurrency ,scams1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,strengthening ,agency ,frameworks for ,enforcement of ,cryptocurrency ,act or the ,,safe ,crypto ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,digital asset2 digital asset service provider2 permitted payment stablecoin issuer ,the terms digital asset2 digital asset service provider2 and permitted payment stablecoin issuer have the meanings given those terms in section #b of the ,,genius ,act 7#ab ,u4,s4,c4 #eija71 respectively4 7#b7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#c7 ,task ,force ,the term ,task ,force means the ,task ,force on ,cryptocurrency ,scams established under section #c7;a74 #c4 ,task ,force on ,cryptocurrency ,scams 7a7 ,establishment ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary shall establish a task force1 to be known as the ,task ,force for ,recognizing and ,averting ,cryptocurrency ,scams4 7b7 ,membership 7#a7 ,composition ,the ,task ,force shall be chaired by the ,secretary1 or a designee thereof1 and shall consist of the following individuals1 or the designees of these individuals3 7,a7 ,the ,attorney ,general4 7,b7 ,the ,director of the ,financial ,crimes ,enforcement ,network4 7,c7 ,the ,director of the ,united ,states ,secret ,service4 7,d7 ,the head of any other relevant ,federal department or agency1 as determined by the ,secretary1 in consultation with the ,task ,force4 7,e7 ,representatives of permitted payment stablecoin issuers4 7,f7 ,representatives of digital asset service providers4 7,g7 ,representatives of digital asset custodians4 7,h7 ,representatives of blockchain intelligence providers4 7,i7 ,representatives of victims1 scam support networks1 or other relevant consumer protection stakeholders4 7,j7 ,representatives of ,federal1 ,state1 and local law enforcement4 7,k7 ,representatives of any other industries1 as determined necessary by the ,secretary4 7,l7 ,representatives from #a or more ,state bank regulatory authorities4 7#b7 ,term of appointment ,the term of a member of the ,task ,force shall continue until the termination of the ,task ,force4 7#c7 ,vacancy ,any vacancy occurring in the membership of the ,task ,force shall be filled in the same manner in which the original appointment was made4 7c7 ,purposes ,the purposes of the ,task ,force include the following3 7#a7 ,scam detection and prevention ,the ,task ,force shall examine current trends and developments in the financial grooming scams involving digital assets1 identify effective methods for preventing such scams1 and issue recommendations to enhance efforts to identify and prevent such activities4 7#b7 ,cross-sector approach ,the ,task ,force shall adopt a cross-sector approach to ensure its recommendations reflect the full scope of the issue1 given that scams impact individuals across jurisdictions and a wide range of industries1 including financial services1 telecommunications1 and technology4 7#c7 ,stakeholder insight ,the ,task ,force shall include representation from-- 7,a7 stakeholders with direct experience supporting victims of scams 7including individuals forced to engage in the scams and individuals impacted by the scams72 and 7,b7 industry participants with insight into-- 7i7 the organized crime networks perpetrating the scams2 7ii7 digital asset ,a,t,ms2 and 7iii7 prevention strategies1 including following the money to detect1 deter1 and dismantle the organized crime networks4 7#d7 ,information sharing and interdiction networks ,the ,task ,force1 in coordination with relevant ,federal agencies1 is encouraged to promote participation by digital asset service providers and permitted payment stablecoin issuers in public-private1 real-time information sharing and interdiction networks designed to detect1 disrupt1 and prevent the off-ramping of funds associated with scams1 fraud1 and other illicit activities4 7#e7 ,enhanced asset recovery mechanisms ,the ,task ,force shall work with permitted payment stablecoin issuers to ensure that the permitted payment stablecoin issuers maintain and use technical capabilities to freeze1 seize1 burn1 or reissue digital assets determined to be proceeds of scams or other unlawful conduct1 consistent with applicable law and due process protections4 7d7 ,meetings ,the ,task ,force shall meet not less than #c times during the #a-year period beginning on the date of enactment of this ,act1 and thereafter at such times and places1 and by such means1 as the ,chair of the ,task ,force determines to be appropriate1 which may include the use of remote conference technology4 7e7 ,duties ,the duties of the ,task ,force shall include-- 7#a7 evaluating opportunities to use data collected by the ,internet ,crime ,complaint ,center database of the ,federal ,bureau of ,investigation and the fraud reporting database of the ,federal ,trade ,commission2 7#b7 evaluating best practices for combating methods 7such as financial grooming scams1 ,ponzi schemes1 money laundering1 organized crime schemes1 fraudulent ,initial ,coin ,offerings1 and rug pulls7 used by scammers1 including means of identifying1 communicating with1 and exploiting victims2 7#c7 assessing how international jurisdictions have tried to prevent scams involving digital assets2 7#d7 identifying and reviewing current methods used to scam individuals1 including users and consumers1 using digital asset intermediaries2 7#e7 determining a strategy for education programs that better equip individuals1 including consumers1 to identify1 avoid1 and report digital asset scam attempts to the appropriate law enforcement or government authorities2 7#f7 coordinating efforts to ensure perpetrators of scams involving digital assets can be identified and pursued by law enforcement2 7#g7 consulting with other relevant stakeholders1 including ,state1 local1 and ,tribal agencies and financial services providers2 7#h7 determining whether any additional ,federal legislation and full-time equivalents would be beneficial for law enforcement and industry in mitigating scams involving digital assets2 and 7#i7 working with international governments and law enforcement agencies to combat digital asset scams1 including by targeting the organized crime networks perpetrating scams1 originating abroad4 7f7 ,compensation ,each member of the ,task ,force shall serve without compensation1 other than compensation to which entitled as an employee of the ,united ,states1 as the case may be4 7g7 ,report 7#a7 ,in general ,not later than #a year after the date on which the ,secretary establishes the ,task ,force1 the ,task ,force shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,committee on ,agriculture of the ,house of ,representatives and make publicly available online a report detailing-- 7,a7 the results of the reviews and evaluations of the ,task ,force under subsection 7e72 7,b7 the strategy identified under subsection 7e72 7,c7 any legislative1 regulatory1 or personnel recommendations that would enhance the ability to detect and prevent scams involving digital assets described in subsection 7e72 and 7,d7 recommendations to enhance cooperation among ,federal1 ,state1 local1 and ,tribal authorities in the investigation and prosecution of scams and other financial crimes1 including harmonizing data collection1 improving data sharing processes1 improving reporting mechanisms and streams1 estimating the number of complaints and consumers affected1 and evaluating the effectiveness of anti-scam training programs4 7#b7 ,annual updates ,after submitting an initial report required under paragraph 7#a71 the ,task ,force shall1 on an annual basis1 submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,committee on ,agriculture of the ,house of ,representatives and make publicly available online an updated version of the report4 7h7 ,applicable law ,chapter #d of title #e1 ,united ,states ,code1 shall not apply to the ,task ,force4 7i7 ,sunset ,the ,task ,force shall terminate on the date that is #c years after the date on which the ,task ,force submits the report required under subsection 7g77#a74