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On Monday, U.S. representatives Norma J. Torres (D-Calif.) and Rick Crawford (R-Ark.) introduced the Accountability for Cryptocurrency in El Salvador (ACES) Act, aimed at mitigating risks to the U.S. financial system from El Salvador’s adoption of Bitcoin (BTC) as legal tender on September 7, 2021.
Torres made the announcement on Twitter herself:
The press release issued by Torres detailed:
“The legislation directs the State Department to produce an analysis of El Salvador’s adoption of bitcoin as legal tender and the risks for cybersecurity, economic stability and democratic governance in El Salvador, and create a plan to mitigate potential risks to the U.S. financial system.”
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The bill is created to complement a February 26 Senate bill by senators James Risch (R-Idaho), Bob Menendez (D-N.J.) and Bill Cassidy (R-La.), to which El Salvador’s president Nayib Bukele then replied on Twitter by saying:
“Never in my wildest dreams would I have thought that the U.S. would be afraid of what we are doing here.”
To put the ‘threat’ in perspective. The U.S. Gross Domestic Product (GDP) is roughly a thousand times larger than that of El Salvador, $21 trillion versus $25 billion.