US lawmakers introduce companion bill to 'mitigate risks' from El Salvador’s ...
"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....
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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 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....
Senator Kevin Thomas seeks to provide prosecutors with a clear legal framework against crypto crimes that align with the spirit of the blockchain while combatting fraud. New York State Senator Kevin Thomas introduced a new bill amendment request to establish certain offenses related to rug pulls and other frauds related to virtual token distribution, misuse of private keys and hidden interests in crypto projects.The bill drafted by Sen. Thomas, Senate Bill S8839, calls for defining, penalizing and criminalizing frauds specifically targeted at developers and projects that intend to dupe....
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....
El Salvador’s decision to accept Bitcoin as legal tender in June appears to be influencing lawmakers across the region to begin exploring their own cryptocurrency strategy. Paraguay is next in line to introduce new crypto-focused legislation. Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti are planning to introduce a Bitcoin (BTC) bill to Congress on Wednesday, July 14, underscoring the lawmakers’ urgency in formulating a coherent digital asset strategy for their country. “I am here to unite Paraguay,” Rejala tweeted Friday, adding that he and his fellow lawmaker....