Sens. Bob Mendez (D-) and Jim Risch (R-), the chair and ranking member of the Committee on Foreign Relations, respectively, have introduced the El Salvador Cryptocurrency Liability Act to the US Senate.
According to the records On the website of the US Congress, US Senators on May 11 reintroduced the bill to Congress with which they proposed to monitor the process Adopting Bitcoin (BTC) as legal currency in El Salvador. It is a proposal approved by the committee last year.
The legislation requires the Department of State, in coordination with other federal agencies and agencies, to Present Reports on Bitcoin uses in the Central American country.
These reports should include an assessment of the regulatory framework in El Salvador and the potential impact of BTC adoption on macroeconomic stability, democratic governance, and the flow of remittances from the US to El Salvador.
The plan is to identify “cryptocurrency risks to cybersecurity and democratic governance” in El Salvador. This, based on the belief that this adoption can “empowerment of evildoers”.
“Given the United States’ interest in prosperity and transparency in Central America, we must seek greater clarity on how the adoption of bitcoin as legal currency will affect financial and economic stability and El Salvador’s ability to effectively combat money laundering and illicit financing.”
Jim Risch, lead proponent of the legislation.
Likewise, bearing in mind that the US dollar is also legal tender in El Salvador, the proposal establishes a status Plan to mitigate potential risks the financial system of the United States and of any other country that uses the dollar as its currency.
The project was introduced a year ago
As reported by CriptoNoticias, the so-called “El Salvador Cryptocurrency Liability Act” or “ACES Act” was drafted in February 2022 by Risch and Menéndez, along with Congressman Bill Cassidy. All US Senators.
this Issuance of the legislation was reviewed by the committee and presented to the Senate at the end of March 2022, and has been without activity in Congress for more than a year.
susceptible This caused the displeasure of Chief Nep BokilWho responded to the US Senators on Twitter:
The proposal was launched a few months after the Salvadoran government issued the bitcoin law, To give legal cryptocurrency.