Sponsors (31)
Introduced April 21, 2025 by Zach Nunn · Last progress April 21, 2025
This bill strengthens law‑enforcement tools, interagency coordination, and transparency to combat elder and crypto‑enabled fraud—potentially reducing losses for vulnerable Americans—but does so while increasing surveillance, administrative costs, and burdens on smaller jurisdictions and may leave gaps due to narrow definitions and non‑binding reporting.
Seniors, adults with disabilities, and other fraud victims will get clearer legal recognition and stronger investigations (definitions, funded personnel, training, and outreach) that should reduce victimization and improve recovery.
State, local, tribal, and federal law‑enforcement agencies will have improved capabilities and coordination (blockchain intelligence tools, bank liaisons, technical assistance) to detect, trace, and investigate crypto‑enabled and transnational fraud.
Taxpayers and Congress will gain better transparency and oversight through standardized annual grant reporting and a comprehensive report on scam counts, losses, enforcement activity, and agency spending.
Millions of Americans could face greater privacy and civil‑liberty risks because expanded digital surveillance, blockchain intelligence, data collection, and interagency sharing increase monitoring of transactions and personal data.
Federal spending, administrative costs, and resource diversion could increase (new personnel, tech purchases, and report preparation) without specified offsets, potentially reducing funds available for direct victim assistance or other priorities.
Smaller state, local, and tribal agencies may face substantial administrative and compliance burdens to meet new reporting, data‑sharing, and analysis requirements, straining limited staff and diverting resources from frontline work.
Based on analysis of 7 sections of legislative text.
Allows state, local, and Tribal law enforcement agencies that receive specific Department of Justice grant funds to use those funds to investigate and prevent elder financial fraud, “pig butchering” investment scams, and other general financial frauds, and requires agencies that use the funds to report how the money was spent and what effect it had. Directs Treasury and FinCEN (with other federal regulators) to deliver two reports to Congress—one within one year with recommendations on these frauds and a second, more comprehensive scams report within two years—and requires federal grant-making agencies to send annual summaries of law enforcement reports to two congressional committees. Also permits federal law enforcement to assist state, local, and Tribal partners with blockchain-tracing tools.