On Sept. 15, the U.S. House passed the bipartisan GUARD Act (H.R. 2978), which gives local police the authority and funding to investigate financial fraud targeting seniors and "pig butchering" cryptocurrency investment scams. The bill, co-sponsored by Rep. Josh Gottheimer (D-NJ-5), Rep. Zach Nunn (R-Iowa) and Rep. Scott Fitzgerald (R-Wis.), now moves to the Senate. According to the FBI, internet crime losses in 2025 totaled $20.9 billion, up 26% from the previous year, and crypto-related losses reached a record $11.4 billion.
On Tuesday, Sept. 15, the U.S. House passed the bipartisan Guarding Unprotected Aging Retirees from Deception (GUARD) Act (H.R. 2978), which gives state and local police the authority and funding to investigate financial fraud targeting seniors and cryptocurrency investment scams. The bill was introduced by Rep. Josh Gottheimer (D-New Jersey's 5th District) together with Rep. Zach Nunn (R-Iowa's 3rd District) and Rep. Scott Fitzgerald (R-Wisconsin's 5th District). It now goes to the Senate for consideration.
The core of the bill is to allow local police to use federal grants they already receive to investigate financial fraud against seniors, "pig butchering" cryptocurrency investment scams and other financial fraud. The money can be used to hire analysts and experts and to pay for specialized training in complex cross-border financial crimes. The bill also directs federal investigative agencies to help state and local police and fusion centers follow the flow of money using blockchain tracing tools, and requires the Treasury Department and the Financial Crimes Enforcement Network (FinCEN) to report to Congress on the scale of fraud losses in the U.S., the share linked to overseas organized crime and enforcement results.
What Is a 'Pig Butchering' Scam?
In a "pig butchering" scam, the fraudster spends a long time building trust with a target such as a retiree, persuades the victim to put money into a fake investment opportunity, then takes it all at once. The name comes from the idea of "fattening up" the victim with false promises before the "slaughter." Korean American communities have also seen a steady stream of victims of this scheme, in which scammers approach people through messaging apps or social media and urge them to invest in cryptocurrency.
According to the FBI Internet Crime Complaint Center (IC3) 2025 report, internet crime losses in the U.S. last year totaled $20.9 billion, up 26% from 2024 and topping $20 billion for the first time. Crypto-related losses were a record $11.4 billion across 181,565 complaints, and investment fraud, which includes most pig butchering schemes, was the largest single category at $8.6 billion.
Gottheimer, co-chair of the bipartisan Law Enforcement Caucus and a member of the House Financial Services Committee, said, "Scammers target our seniors every day, taking a lifetime of savings with a single phone call or a fake investment. They hide behind overseas networks that are nearly impossible to trace. The GUARD Act gives police and investigators the tools and resources to go after them and recover stolen money." The bill has been backed by groups including AARP, the National Association of Police Organizations, the Credit Union National Association, the Consumer Bankers Association, the Financial Technology Association and the Crypto Council for Innovation.