U.S. Senator Jerry Moran has introduced a new bill, S.3428, aimed at establishing a task force to tackle the growing issue of cryptocurrency scams. This legislative move comes in response to a significant increase in fraudulent activities, including investment and pig butchering schemes. In 2024, the FBI received over 47,000 complaints related to crypto scams, with reported losses amounting to $16.6 billion. The bill has been referred to the Senate Banking Committee and is similar to Senator Crapo's TRAPS Act (S.2019). Meanwhile, discussions on a broader Market Structure Bill continue, with Democrats advocating for changes in token classification and stablecoin yield regulations. The evolving regulatory landscape is prompting traders to closely monitor altcoins.
U.S. Senator Proposes Bill to Combat Crypto Scams
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