Two US Reps introduce a bill to mitigate potential risks to the US of El Salvador's Bitcoin adoption

Congresswoman Torres says El Salvador’s decision “appears to be a careless gamble rather than a thoughtful embrace of innovation.”

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.

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.