Salvadoran President Nayib Bukele reacted news that the recently proposed Accountability for Cryptocurrency in El Salvador (ACES) Act had passed the US Senate Foreign Relations Committee and would now be heading for a full Senate vote. The 40-year-old national leader responded emotionally on Twitter:
Never in my wildest dreams did I think the US government would be afraid 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 approved the bill, sponsored by Senators James Risch, Bill Cassidy and Bob Menendez. The committee gave a pass to Bill S. 3666 (ACES) supposed to “mitigate the risks associated with El Salvador’s adoption of Bitcoin as legal tender” and S. 816, “legislation to recalibrate the Department of State Foreign Risk Tolerance”.
Related: Bitcoin Law in El Salvador: Understanding Alternatives to Government Intervention
The ACES legislation was first introduced on February 16, 2022. If the law receives full Senate approval, it would require the federal government to assess the enactment of Bitcoin law in El Salvador and determine whether the nation can “alleviate financial hardship”. integrity and cybersecurity risks” and meet the requirements of the Financial Action Task Force (FATF). After 60 days of assessment, agencies must propose action plans.
Immediately after the ACES bill was introduced in February, Bukele demanded that the United States “stay out” of El Salvador’s internal affairs. “The American government does NOT defend freedom and it is a proven fact” – affirmed the Salvadoran leader.
The date for the ACES vote in the US Senate has yet to be determined.