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....
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The Senate bill to mitigate the risks from El Salvador adopting bitcoin as legal tender has advanced in the U.S. “As El Salvador has adopted bitcoin as legal tender, it’s critical we mitigate risks to our financial system,” said one of the U.S. lawmakers who introduced the bill. Bill to Mitigate Risks From Bitcoin Being Legal Tender in El Salvador Passes Senate Committee The U.S Senate Foreign Relations Committee (SFRC) has advanced the ‘‘Accountability for Cryptocurrency in El Salvador Act’’ or ‘‘ACES Act.’’ The....
Several U.S. lawmakers have introduced a bill to mitigate the risks from El Salvador adopting bitcoin as legal tender. “El Salvador recognizing bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests,” said a U.S. senator.
US Concerned About Risks From El Salvador’s Bitcoin Law
The U.S. Senate Committee on Foreign Relations announced Wednesday that Senators Jim Risch (R-Idaho), Bob Menendez (D-N.J.), and Bill Cassidy (R-La.) have introduced a bill titled the ‘‘Accountability for....
"The United States must have a plan in place to protect our financial systems from the risks of [El Salvador's] decision," said Representative Norma Torres. Two members of the House of Representatives have introduced legislation aimed at mitigating the risks to the United States financial system due to El Salvador adopting Bitcoin as legal currency.In a Monday announcement, California Representative Norma Torres and Arkansas Representative Rick Crawford proposed legislation which would direct the State Department to create a plan mitigating the potential risks to the U.S. financial system....
A pro-bitcoin congressman in Paraguay says he will present bitcoin legislation in congress next month with the aim to make Paraguay a hub for cryptocurrency investors worldwide. His efforts follow El Salvador passing a bill making bitcoin legal tender. Paraguay Wants to Be Global Hub for Crypto Investors Following El Salvador passing a bill making bitcoin legal tender, a congressman in Paraguay announced that he is working on bitcoin legislation that will be presented next month. Deputy Carlos Antonio Rejala Helman of the Hagamos Party has called for Paraguay to take similar action to El....
President Nayib Bukele’s Bitcoin Law was passed in the Salvadorian congress tonight. The President of El Salvador's bill to make Bitcoin legal tender in El Salvador passed Congress with a supermajority just before 6AM UTC.In a Twitter Spaces conversation that began just after 5AM UTC with 22,000 listeners President Nayib Bukele said he would sign off on the historic law later tonight or first thing tomorrow. “It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place. The #BitcoinLaw has been approved by a....