El Salvador’s President Nayib Bukele responded to the news that the recently proposed Cryptocurrency Accountability (ACES) under El Salvador’s law has passed the US Senate Foreign Affairs Commission and is heading for a full Senate vote. 40-year-old national leader Responded Emotionally on Twitter:
In my dreams, I never thought the US government would be afraid of what we were doing here. pic.twitter.com/QgJPa70mn0
— Nayibbukele (@nayibbukele) March 23, 2022
On Wednesday, March 23, the Senate Foreign Relations Committee approved a bill sponsored by Senators James Risch, Bill Cassidy, and Bob Menendez. The Commission said the S. 3666 (ACES) bill, which is supposed to “reduce the risks associated with the adoption of Bitcoin as fiat currency by El Salvador,” and S. 816 Granted a pass to the Department of State’s Law for Re-adjusting Risk Tolerance Overseas.
Related: Bitcoin Law in El Salvador: Understanding Alternatives to Government Intervention
The ACES method was first introduced on February 16, 2022. If this law ensures full Senate approval, the federal government should evaluate the enactment of the Bitcoin Law in El Salvador and determine whether the country “can ease its finances. Consistency and cybersecurity. Risks, and meet the requirements of the Financial Action Task Force (FATF). After a 60-day evaluation, government agencies need to develop an action plan.
Immediately after the ACES bill was submitted in February, Buquere demanded that the United States “keep out” of El Salvador’s internal affairs. “The US government does not support freedom. That is a proven fact,” the leader of El Salvador insisted.
The date of the ACES vote in the US Senate has not yet been determined.