El Salvador president Nayib Bukele responded to the news that the just recently proposed Accountability for Cryptocurrency in El Salvador Act (ACES) had actually passed the U.S. Senate Foreign Relations Committee and will now head to a complete Senate vote. The 40-year old nationwide leader reacted mentally on Twitter:
Never in my wildest dreams would I have actually believed that the United States Government would hesitate of what we are doing here. pic.twitter.com/QgJPa70mn0
— Nayib Bukele (@nayibbukele) March 23, 2022
On Wednesday, March 23, the Senate Foreign Relations Committee authorized the costs, sponsored by Senators James Risch, Bill Cassidy andBob Menendez The committee approved a pass to S. 3666 (ACES) costs that is expected 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”
Related: El Salvador’s Bitcoin Law: Understanding options to federal government intervention
The ACES legislation was initially presented onFeb 16, 2022. Should the act protect the approval of the complete Senate, it would need the federal government to evaluate the enactment of Bitcoin law in El Salvador and identify whether the country can “mitigate the financial integrity and cyber security risks” and fulfill Financial Action Task Force (FATF) requirements. After 60 days of evaluation, the companies ought to develop action strategies.
Immediately after the intro of the ACES costs in February, Bukele required that the U.S. “stay out” of El Salvador’s domestic affairs. “The U.S. government DOES NOT stand for freedom and that is a proven fact”– the Salvadoran leader declared.
The date of the ACES vote in the U.S. Senate is yet to be figured out.