The bill, which was passed out of committee on Wednesday, generated the displeasure of El Salvador’s President, Nayib Bukele.Read MoreFeedzy
The full U.S. Senate will vote on a bill looking to mitigate risks to the U.S. financial system from El Salvador’s adoption of bitcoin as legal tender, after the bill was passed out of committee on Wednesday.
The “Accountability for Cryptocurrency in El Salvador (ACES) Act” was introduced by Sens. James Risch (R-Idaho), Bob Menendez (D-N.J.) and Bill Cassidy (R-La.) on February 16.
“As El Salvador has adopted Bitcoin as legal tender, it’s important we understand and mitigate potential risks to the U.S. financial system,” Risch said in a statement on Wednesday, adding that the legislation would require the State and Treasury Departments, among other federal agencias, to mitigate risks such as potential empowerment of China and organized criminal organizations.
The bill would also ask the U.S. to monitor remittances from El Salvador.
El Salvador’s President, Nayib Bukele, expressed discontent after the bill received a committee passage.
“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here,” he tweeted on Wednesday afternoon.
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.
The $6.3 billion Binance hack added to crypto jitters, while weak earnings outlooks and mounting…
▶ Bitcoin Magazine Alexandre Laizet on The French Debt Crisis: “Europe is in Need of…
▶ Bitcoin Magazine Alex Thorn: 50-Week Signal Says Bitcoin’s Bottom is In Galaxy’s new research…
▶ Bitcoin Magazine Doomberg: US Treasury Sanctions are “Wildly Bullish” for Bitcoin & Gold What…
▶ Bitcoin Magazine Tyler Evans: Bitcoin ETF Flows Flipped From “Highly Negative” to “Strong Accumulation”…
Your day-ahead look for Oct. 30, 2026Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]