Reps Norma Torres and Rick Crawford propose the Accountability for Cryptocurrency in El Salvador (ACES) bill, which follows a similar act introduced in mid-February. The legislation directs the State Department to produce an analysis of the risks for cybersecurity, economic stability, and democratic governance in El Salvador and determine financial repercussions for the US.
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The February ACES act unleashed a storm on Twitter, as El Salvador's President Bukele labeled senators as “boomers” and advised them to stay out of the country’s internal affairs.
El Salvador’s move to recognize Bitcoin as a legal tender was widely welcomed by crypto enthusiasts. However, IMF criticized the decision as posing a risk to financial stability and consumer protection, consequently refraining from lending to El Salvador.
