US Senate to vote on a bill about El Salvador’s Bitcoin Law

US Senate to vote on a bill about El Salvador's Bitcoin Law

El Salvador’s President Nayib Bukele expressed disappointment with the U.S. government on Wednesday, citing concerns about the country’s work around bitcoin laws.

Bukele’s comments follow news that the U.S. Senate will vote on a bill involving El Salvador’s adoption of bitcoin.

Dubbed the El Salvador Accountability Law for Cryptocurrency (ACES) Act, the bill passed the committee stage and will go to a vote in the U.S. Senate.

‘ACES’ was launched in February and was used as a buffer against any potential risks associated with El Salvador’s adoption of BTC as fiat currency.


“In my wildest dreams, I never thought the U.S. government would be afraid of what we’re doing here,” Booker said in the comments.

According to the legislation, U.S. lawmakers are “concerned” that El Salvador’s Bitcoin law could pose a risk to the U.S. financial system. Promoters of the bill are reportedly pushing for it as part of a regulatory framework to help mitigate potential risks, including criminal organizations, and even empower China.

If the vote becomes law, the U.S. State Department and Treasury are expected to study ways to prevent that from happening.

The vote in the U.S. Senate is yet another sign of growing concern or opposition to El Salvador’s adoption of Bitcoin as legal tender. The International Monetary Fund and the World Bank have spoken about this before, with the IMF earlier this year asking El Salvador to “drop” its bitcoin laws.

But despite this, the country continues to push ahead with “experiments,” including the launch of a $1 billion bitcoin bond.

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