US House of Representatives to Consider Legislation on El Salvador’s Bitcoin Adoption
The bi-partisan Accountability for Cryptocurrency in El Salvador (ACES) Act mirrors legislation that advanced out of a Senate committee last month.Read MoreFeedzy
U.S. representatives Norma J. Torres (D-Calif.) and Rick Crawford (R-Ark.) on Monday introduced the Accountability for Cryptocurrency in El Salvador (ACES) Act, looking to mitigate risks to the U.S. financial system from El Salvador’s adoption of bitcoin (BTC) as legal tender.
“El Salvador’s adoption ofbitcoin is not a thoughtful embrace of innovation, but a careless gamble that is destabilizing the country,” Torres tweeted Monday.
According to a release published by Torres, “the legislation directs the State Department to produce an analysis of El Salvador’s adoption of bitcoin as legal tender and the risks for cybersecurity, economic stability and democratic governance in El Salvador, and create a plan to mitigate potential risks to the U.S. financial system.”
For reference on “risks,” El Salvador’s GDP is roughly $25 billion versus U.S. GDP of $21 trillion.
The bill functions as a companion to the Senate bill introduced by senators James Risch (R-Idaho), Bob Menendez (D-N.J.) and Bill Cassidy (R-La.) on Feb. 16. That legislation advanced out of committee on March 23, putting it on path to be voted on by the full Senate.
At the time, El Salvador’s president, Nayib Bukele, expressed his disagreement with the bill: “Never in my wildest dreams would I have thought that the U.S. [government] would be afraid of what we are doing here,” he tweeted.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Recent Posts
Bitcoin Hits New Heights: Analyst Predicts Next Peak By Late 2025
As Bitcoin (BTC) continues to capture investor enthusiasm, recently reaching a new all-time high of…
Crypto Daybook Americas: Bitcoin Dominance Tops 64% While Options Indicate Bullish Tilt
By James Van Straten (All times ET unless indicated otherwise) Since May 22, bitcoin (BTC)…
GameStop Purchases Over $500M Worth of Bitcoin
Video game retailer GameStop (GME) has purchased 4,710 bitcoin, worth nearly $513 million at the…
Ether Favored Over Bitcoin by Big Money, Here Are 3 Clues That Point to ETH Bias in Crypto Market
The futures and options market, a proxy for big money, is increasingly backing ether ETH…
Bitcoin Could Explode On Bessent’s $250 Billion Deregulation Shock
US Treasury Secretary Scott Bessent has signalled that the long-debated overhaul of banks’ supplementary leverage…
GameStop Buys $513 Million Worth of Bitcoin
Bitcoin Magazine GameStop Buys $513 Million Worth of Bitcoin Video game retailer GameStop has purchased…