WASHINGTON, D.C. — U.S. Sen. Mike Crapo of Idaho has joined a bipartisan effort aimed at cracking down on cryptocurrency scams and fraud through new coordination between federal agencies, law enforcement and the private sector.

Crapo, a senior member of the Senate Committee on Banking, Housing and Urban Affairs, signed onto the Strengthening Agency Frameworks for Enforcement of Cryptocurrency, or SAFE Crypto Act, alongside lawmakers from both parties. The legislation is led by Sens. Jerry Moran of Kansas and Elissa Slotkin of Michigan.

According to Crapo, cryptocurrency scams accounted for roughly half of all cybercrime losses in the United States last year, prompting the push for stronger protections and enforcement coordination.

The proposed legislation would create an inter-governmental task force bringing together agencies such as the U.S. Department of the Treasury, the Financial Crimes Enforcement Network, the U.S. Secret Service and the Department of Justice, along with representatives from cryptocurrency exchanges, blockchain intelligence firms, consumer protection groups and state and local law enforcement.

In a statement, Crapo said the bill would help strengthen collaboration among financial regulators and law enforcement agencies to better protect Americans from cryptocurrency-related fraud.

The task force would be required to provide an update to congressional committees within one year of its launch and submit annual reports afterward.

Ari Redbord, vice president and global head of policy for TRM Labs, said the legislation would improve real-time coordination between industry and law enforcement to track and disrupt illicit cryptocurrency activity.