U.S. Senate Sees Bitcoin Adoption from El Salvador as a Risk to U.S. Financial System

“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here,”

tweeted El Salvador’s President, Nayib Bukele this week.

“Accountability for Cryptocurrency in El Salvador (ACES) Act” is the name of the bill introduced by U.S. Senators James Risch (R-Idaho), Bob Menendez (D-N.J.), and Bill Cassidy (R-La.) on Feb. 16. According to reports, the U.S. Senate will vote on a bill aimed at mitigating the risk to the U.S. financial system from the introduction of Bitcoin as legal tender from El Salvador.

Risch explained that on Wednesday, “As El Salvador has adopted Bitcoin as legal tender, it’s important we understand and mitigate potential risks to the U.S. financial system.”

Accordingly, the bill would require the Departments of State and Treasury and other federal agencies to limit the potential authorization of China and organized criminal organizations as well as to monitor bank transfers from El Salvador.

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