US SB2544

State, local, and Tribal law enforcement agencies may use existing federal grant funds to investigate elder financial fraud, "pig butchering" cryptocurrency scams, and general financial fraud, including hiring personnel, training staff, and purchasing blockchain tracing software

Federal law enforcement agencies are authorized to assist state, local, and Tribal agencies and fusion centers with blockchain and cryptocurrency tracing tools

Grantees using funds for these purposes must report to the federal grant provider within 1 year on amounts spent, fraud statistics in their jurisdiction, and their ability to deter financial fraud

Secretary of the Treasury and FinCEN Director must submit a report to Congress within 1 year on efforts and recommendations related to financial fraud, pig butchering, and elder fraud, and a second report within 2 years estimating annual scam statistics including number of victims, dollar losses, and percentage attributable to overseas actors and organized crime

Federal agencies providing eligible grants must issue annual reports to the Senate and House Banking, Financial Services, and Judiciary Committees containing information received from law enforcement agencies