The bill would direct federal agencies to scrutinize how El Salvador implements its Bitcoin law.
El Salvador president Nayib Bukele reacted to the news that the recently proposed Accountability for Cryptocurrency in El Salvador Act (ACES) had passed the U.S. Senate Foreign Relations Committee and will now head to a full Senate vote. The 40-year old national leader responded emotionally on Twitter:
On Wednesday, March 23, the Senate Foreign Relations Committee approved the bill, sponsored by Senators James Risch, Bill Cassidy, and Bob Menendez. The Committee granted a pass to S. 3666 (ACES) bill that is supposed to “mitigate risks related to El Salvador’s adoption of Bitcoin as legal tender”, and to S. 816, “legislation to recalibrate the State Department’s risk tolerance abroad”.
The ACES was first introduced on Feb. 16, 2022. In case securing the approval of the full Senate, it will require the federal government to assess the enactment of Bitcoin law in El Salvador and determine whether the nation can “mitigate the financial integrity and cyber security risks” and meet Financial Action Task Force (FATF) requirements. After 60 days of assessment, the agencies should come up with action plans.
Immediately after the introduction of the ACES in February, Bukele demanded that the U.S. “stay out” of El Salvador’s domestic affairs. “The US Government DOES NOT stand for freedom and that is a proven fact”, — Salvadoran leader claimed this time.
The date of the ACES vote in the U.S. Senate is yet to be determined.