The U.S. House of Representatives has passed the bipartisan GUARD Act, legislation aimed at strengthening law enforcement efforts against elder financial fraud, cryptocurrency investment scams and other financial crimes targeting older Americans. The bill, H.R. 2978, passed on September 15, 2026, and now heads to the Senate.
The GUARD Act, or Guarding Unprotected Aging Retirees from Deception Act, was co-led by Representatives Josh Gottheimer, Zachary Nunn and Scott Fitzgerald. The legislation would provide state, local and Tribal law enforcement agencies with additional resources to investigate fraud, track stolen funds and pursue criminals involved in increasingly complex financial schemes.
GUARD Act Targets Elder Financial Fraud and Crypto Scams
Under the GUARD Act, law enforcement agencies could use existing federal grant funding to investigate elder financial fraud, general financial fraud and pig butchering crypto scams.
The funding could support the hiring of analysts and other experts, as well as specialized training for investigators handling complex and often transnational financial crimes.
The bill would also clarify that federal law enforcement agencies can assist state, local and Tribal law enforcement partners and fusion centers with blockchain tracing tools and related technology. The goal is to help investigators follow the movement of funds and identify individuals involved in cryptocurrency-related scams.
The legislation also directs the Treasury Department, FinCEN and federal partners to report to Congress on the scale of financial scams in the United States. The report would examine how much Americans lose each year, how many scams are linked to overseas actors and organized crime, and the effectiveness of existing enforcement efforts.
‘Pig Butchering’ Scams Under Focus
The legislation specifically addresses pig butchering crypto scams, a form of financial fraud in which criminals build trust with victims before persuading them to put money into fraudulent investment opportunities.
The term refers to the process of building up a victim's confidence and encouraging larger investments before the criminals steal the funds.
According to the information provided with the legislation, the FBI's 2025 Internet Crime Complaint Center report recorded $20.9 billion in total internet crime losses in 2025, a 26% increase from 2024. Cryptocurrency-related losses reached $11.37 billion across 181,565 complaints, while investment fraud accounted for more than $8.6 billion in losses.
Bill Moves to Senate
Gottheimer said the legislation would give investigators tools and resources to pursue fraudsters, recover stolen money and address criminal networks operating from overseas.
Nunn said the bill followed concerns raised by an Iowa sheriff's deputy about local officers lacking the tools needed to track criminals and recover victims' money.
The GUARD Act has received support from organizations including AARP, the Iowa State Police Association, the Financial Technology Association, Consumer Bankers Association, America’s Credit Union Association, Digital Chamber, National Police Association, Crypto Council for Innovation and Iowa Bankers Association.
With House passage complete, the legislation now moves to the Senate for consideration.
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