El Salvador’s President Nayib Bukele reacted to the news that El Salvador’s recently proposed Cryptocurrency Accountability Act (ACES) has been passed by the U.S. Senate Foreign Relations Committee and will now go through a full Senate vote. The 40-year-old national leader reacted emotionally on Twitter:
Never in my wildest dreams did I think the US government would be scared of what we’re doing here.pic.twitter.com/QgJPa70mn0 — Nayib Bukele (@nayibbule) March 23, 2022
On Wednesday, March 23, the Senate Foreign Relations Committee approved a bill sponsored by Senators James Rish, Bill Cassidy and Bob Menendez. The Committee approved Bill S. 3666 (ACES), which should “mitigate the risks associated with El Salvador’s acceptance of Bitcoin as legal tender,” and S. 816, “an act to review the State Department’s overseas risk tolerance.”
Related: El Salvador’s Bitcoin Law: Understanding Alternatives to Government Intervention
ACES was first introduced on February 16, 2022. If approved by the full Senate, the federal government will need to evaluate El Salvador’s bitcoin legislation and determine whether the country can “mitigate the financial integrity of cybersecurity risks” and meet the requirements of the Financial Action Task Force (FATF). After 60 days of evaluation, agencies must develop action plans.
Immediately after the introduction of ACES in February, Bukele demanded that the US “not interfere” in El Salvador’s internal affairs. “The US government DOES NOT stand for freedom, and this is a proven fact,” the Salvadoran leader said this time.
The date for the ACES vote in the US Senate has not yet been determined.