New bill aims to 'mitigate risks' to US from El Salvador's Bitcoin Law

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New bill aims to 'mitigate risks' to US from El Salvador's Bitcoin Law

 

Three U.S. Senators proposed a bill which would commission a lengthy report detailing the inner workings of El Salvador’s Bitcoin Law and a subsequent action plan to mitigate risk.

 

A bipartisan group of senators introduced legislation in the U.S. Senate which seeks to mitigate perceived risks posed by El Salvador’s adoption of Bitcoin as a legal currency.

 

The proposed Accountability for Cryptocurrency in El Salvador Act (ACES) aims to “mitigate potential risks to the U.S. financial system” such as money laundering and terrorism funding.

 

The bill was introduced by Republican Senators Jim Risch and Bill Cassidy with Democratic Senator Bob Menendez signing on. Senator Risch wrote in the Feb. 16 announcement that:

 

“El Salvador’s adoption of Bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America.”

 

Senator Cassidy wrote that “recognizing Bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests.”

 

https://cointelegraph.com/news/new-bill-aims-to-mitigate-risks-to-us-from-el-salvador-s-bitcoin-law

 

https://www.foreign.senate.gov/imo/media/doc/MCC22059.pdf