“A bill to establish a Task Force for Recognizing and Averting Cryptocurrency Scams, and for other purposes.”
No CRS summary available for this bill.
This section provides definitions for terms used in the Act, including "digital asset," "digital asset service provider," and "permitted payment stablecoin issuer" (as defined in the GENIUS Act, 12 U.S.C. 5901); "Secretary" (i.e., the Secretary of the Treasury); and "Task Force" (i.e., the Task Force on Cryptocurrency Scams established under section 3(a)).
This section establishes a Task Force for Recognizing and Averting Cryptocurrency Scams, to be chaired by the Secretary of the Treasury (or designee) and consisting of senior federal officials (e.g., the Attorney General, FinCEN Director, and Secret Service Director), state regulators, law enforcement representatives, and private sector stakeholders from permitted payment stablecoin issuers, digital asset service providers, custodians, blockchain intelligence firms, and victim support networks. The task force must meet at least three times during the one-year period beginning on the date of enactment, perform specified duties (e.g., evaluating scam detection data and best practices, developing consumer education strategies, promoting public-private information sharing and asset recovery mechanisms, and assessing needs for additional legislation), and submit a report with recommendations to the Senate Committees on Banking, Housing, and Urban Affairs and Agriculture, Nutrition, and Forestry and the House Committees on Financial Services and Agriculture not later than one year after its establishment (i.e., by approximately 1.5 years after enactment). Task force members serve without additional compensation.