On May 11, Senators Jim Risch of Idaho and Bob Menendez of New Jersey introduced an updated ACES bill.
It seeks to assess how bitcoin adoption affects economic stability and democratic governance in El Salvador. The proposal also includes an analysis of potential cybersecurity risks.
The bill would also require the State Department to compile a report on the flow of cryptocurrency remittances sent from the U.S. to El Salvador.
This will help assess the risks associated with using BTC for illegal activities. The bill was originally introduced in Congress in February 2022.
At the time, Risch said the adoption of bitcoin as legal tender in El Salvador raises serious concerns about the economic stability and financial integrity of the United States.
The senator stressed that if the U.S. intends to combat money laundering, it must pay special attention to this issue. However, the proposed bill was never discussed.
One year after the bill was introduced and there has been no movement toward it, Senator Risch continues to argue that legalizing bitcoin in El Salvador could weaken economic and financial stability as well as empower abusers.
“Given the U.S. interest in prosperity and transparency in Central America, we must seek greater clarity on how bitcoin adoption would help El Salvador effectively combat money laundering and illicit financing. That is why I am reintroducing the ACES bill,” said Senator Risch.
Earlier, Salvadoran President Nayib Bukele commented on the initiative, calling it an interference in the country’s internal affairs.