Two United States Senators from reverse sides of the political aisle have reintroduced laws from 2022 aimed toward mitigating perceived dangers posed by El Salvador’s adoption of Bitcoin (BTC) as a authorized tender.
Congressional data show Idaho Senator James Risch and New Jersey Senator Bob Menendez launched “a invoice to require experiences on the adoption of cryptocurrency as authorized tender in El Salvador” on Might 11. The laws gave the impression to be a second try on the Accountability for Cryptocurrency in El Salvador Act, which Risch introduced in February 2022, mere months after El Salvador’s Bitcoin Legislation got here into impact.
In keeping with a Might 12 report from the Washington Examiner, Risch introduced the invoice as a part of efforts to struggle utilizing cryptocurrency as authorized tender, claiming it might “weaken financial and monetary stability and empower malign actors.” Bitcoin has been accepted as legal tender in El Salvador alongside the U.S. greenback since September 2021.
If handed, the invoice might require federal businesses in the USA to report on El Salvador’s cybersecurity and monetary stability capabilities, and the way these might have led to the passage of the nation’s Bitcoin Legislation. The Worldwide Financial Fund additionally warned the Central American nation in February to think about the danger of BTC as a authorized tender on the nation’s monetary integrity and stability.
The earlier model of the Bitcoin-focused laws launched within the Senate handed by way of a committee in April 2022. Lawmakers within the Home of Representatives additionally launched a companion invoice, however in keeping with congressional data, the laws has not moved in additional than a 12 months.
By no means in my wildest desires would I’ve thought that the US Authorities could be afraid of what we’re doing right here. pic.twitter.com/QgJPa70mn0
— Nayib Bukele (@nayibbukele) March 23, 2022
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El Salvador’s President Nayib Bukele instantly attacked U.S. lawmakers as “boomers” on Twitter the final time the invoice was launched, claiming they had been trying to intrude with “a sovereign and impartial nation.” Beneath Bukele, the nation has adopted many pro-crypto insurance policies, together with plans to lift funds to assemble a Bitcoin metropolis utilizing BTC-backed bonds.
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