US House Lawmakers Introduce Bill to Create Federal Crypto Theft Task Force

Legislation to create a government-wide task force dedicated to cryptocurrency theft has been introduced in the US House of Representatives.

CoinDesk reported on June 11 that Representative Lance Gooden, a Republican, and Representative Josh Gottheimer, a Democrat, jointly introduced a bill to establish a "Federal Cryptocurrency Theft Task Force."

The measure would place the attorney general in charge of the task force and bring together major federal agencies, including the Department of Justice, the Federal Bureau of Investigation, the Department of Homeland Security and the Treasury Department. The task force would coordinate government-wide efforts to prevent and investigate cryptocurrency theft and support victims.

Gooden said crypto criminals have stolen billions of dollars from Americans and that the US lacks a unified strategy to stop them. He added that the bill would protect consumers and bolster confidence in the cryptocurrency ecosystem.

Gottheimer said losses from crypto-related theft and fraud totaled $11 billion last year and that victims need a single federal point of contact for assistance.

The bill comes amid criticism that coordination among federal agencies and state and local law enforcement remains inconsistent. It remains unclear whether the measure will pass during the current congressional session.