US lawmakers seek to mitigate risks of El Salvador’s Bitcoin adoption in new bill

2 years ago 144

US Senators Bill Cassidy, Jim Risch, and Bob Menendez introduced a bipartisan bill on Wednesday that seeks to review El Salvador’s Bitcoin bill and form a plan to mitigate its “potential risks to the U.S. financial system.”

If passed, the Accountability for Cryptocurrency in El Salvador (ACES) Act will require the State Department to investigate the merits of cryptocurrency adoption as well as the financial risks it poses to the US financial system.

Senator Cassidy said in the press release:

“El Salvador recognizing Bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests. If the United States wishes to combat money laundering and preserve the role of the dollar as a reserve currency of the world, we must tackle this issue head-on.”

According to the bill submitted, the federal agencies will be required to submit the first draft of the report within 60 days of its approval. Thereafter, relevant congressional committees will need to lay out a plan to mitigate the risks posed by El Salvador’s Bitcoin law within 90 days.

Meanwhile, the proposed legislation was not taken well by El Salvador’s president Nayib Bukele. Calling them “Boomers,” Bukele criticized the senators for interfering with the country’s internal affairs. He wrote:

“You have 0 jurisdiction on a sovereign and independent nation. We are not your colony, your back yard or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control.”

OK boomers…

You have 0 jurisdiction on a sovereign and independent nation.

We are not your colony, your back yard or your front yard.

Stay out of our internal affairs.

Don’t try to control something you can’t control
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