A bipartisan bill introduced in the U.S. House of Representatives aims to establish a Federal Cryptocurrency Theft Task Force to tackle the rising issue of cryptocurrency theft. The proposed task force would be led by the U.S. attorney general and involve multiple federal agencies, including the Department of Justice and the FBI.
Representatives Lance Gooden, a Republican, and Josh Gottheimer, a Democrat, are sponsoring the legislation, which seeks to create a coordinated strategy to address the billions lost to crypto-related crimes. “Crypto criminals are stealing billions from Americans, and Washington lacks a coordinated strategy to stop them,” Gooden stated. He emphasized that the bill would enhance consumer protection and strengthen trust in the cryptocurrency ecosystem.
The task force would serve as a central hub for preventing and investigating cryptocurrency theft, which has become a significant concern for the burgeoning industry. With various forms of fraud and sophisticated criminal networks targeting digital assets, the need for a unified response is increasingly urgent. Gottheimer pointed out that despite the staggering $11 billion lost to scams and thefts last year, victims currently have limited resources for recourse.
According to the bill’s proponents, the task force would provide a crucial federal point of contact for victims and local law enforcement, addressing inconsistencies in responses to theft cases across different jurisdictions. “By housing a coordinating task force at the Justice Department, this bill gives victims, investigators, and local law enforcement the unified federal response they have been missing,” stated Dannis Porter, co-founder and CEO of the Satoshi Action Fund.
Historically, the Department of Justice had its own National Cryptocurrency Enforcement Team, which was disbanded during the Trump administration. In contrast, the Biden administration established the Joint Ransomware Task Force in 2021 to coordinate federal responses to ransomware attacks, many of which involve cryptocurrency payments. Additionally, the Treasury Department launched a Scam Center Strike Force last year to combat overseas scams targeting crypto users.
The path forward for the new task force legislation remains uncertain as Congress navigates a busy session. For the bill to advance, it must either pass through a House committee or be attached to other legislative packages. The Digital Chamber, an organization advocating for crypto policy, has expressed the importance of equipping law enforcement with the necessary tools and coordination to effectively investigate and address cryptocurrency theft.
A new bipartisan bill proposes the creation of a Federal Cryptocurrency Theft Task Force to combat the increasing issue of crypto theft. Led by the U.S. attorney general, the task force aims to unify efforts among federal agencies to protect consumers and streamline investigations into cryptocurrency-related crimes.