{"id":3156,"date":"2022-04-05T17:55:36","date_gmt":"2022-04-05T17:55:36","guid":{"rendered":"https:\/\/fatburningcoffeetrick.com\/?p=3156"},"modified":"2022-04-05T17:55:37","modified_gmt":"2022-04-05T17:55:37","slug":"us-lawmakers-introduce-companion-bill-to-mitigate-risks-from-el-salvadors-bitcoin-law","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3156","title":{"rendered":"US lawmakers introduce companion bill to &#8216;mitigate risks&#8217; from El Salvador\u2019s Bitcoin Law"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Two members of the House of Representatives have introduced legislation aimed at mitigating the risks to the United States financial system due to El Salvador adopting Bitcoin as legal currency.<\/p>\n<p>In a Monday announcement, California Representative Norma Torres and Arkansas Representative Rick Crawford proposed legislation which would direct the State Department to create a plan mitigating the potential risks to the U.S. financial system based on an analysis of the risks to El Salvador\u2019s \u201ccybersecurity, economic stability, and democratic governance\u201d following the country recognizing Bitcoin (BTC) as legal tender in September 2021. The Accountability for Cryptocurrency in El Salvador Act is a companion bill to bipartisan legislation introduced in the Senate in February. <\/p>\n<p>The Senate bill aimed to have the Secretary of State and heads of Federal departments and agencies report to Congress within 60 days on a plan to &#8220;mitigate any potential risk to the United States financial system posed by the adoption of a cryptocurrency as legal tender&#8221; in El Salvador and other countries which accept the U.S. dollar \u2014 seemingly including Ecuador, Micronesia, Palau, East Timor, Zimbabwe, and the Marshall Islands. Torres cited the International Monetary Fund\u2019s reports that the use of Bitcoin as legal tender carried \u201clarge risks\u201d related to financial stability, financial integrity and consumer protection.<\/p>\n<p>\u201cEl Salvador is an independent democracy and we respect its right to self-govern, but the United States must have a plan in place to protect our financial systems from the risks of this decision, which appears to be a careless gamble rather than a thoughtful embrace of innovation,\u201d said Torres.<\/p>\n<p lang=\"en\" dir=\"ltr\">Today, I introduced the Accountability for Cryptocurrency in El Salvador Act with @RepRickCrawford. El Salvador\u2019s adoption of #Bitcoin is not a thoughtful embrace of innovation, but a careless gamble that is destabilizing the country. https:\/\/t.co\/Ag9K8fyHMb pic.twitter.com\/4N8DN7895w<\/p>\n<p>\u2014 Rep. Norma Torres (@NormaJTorres) April 5, 2022<\/p>\n<p>Idaho Senator James Risch, the sponsor of the Senate bill, said in February that El Salvador\u2019s adoption of BTC as legal tender raised \u201csignificant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America.\u201d Louisiana Senator Bill Cassidy, one of the co-sponsors, claimed that the country\u2019s Bitcoin Law could \u201c[open] the door for money laundering cartels\u201d and threaten the U.S. dollar\u2019s dominance as the global reserve currency.<\/p>\n<p>In March, the bill passed the Foreign Relations Committee and may be headed to a full Senate vote. El Salvador President Nayib Bukele reacted to the introduction of legislation in February by urging the United States to \u201cstay out\u201d of the country\u2019s internal affairs and to the bill moving forward the following month by claiming \u201c\u200b\u200bthe U.S. Government DOES NOT stand for freedom.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here. pic.twitter.com\/QgJPa70mn0<\/p>\n<p>\u2014 Nayib Bukele (@nayibbukele) March 23, 2022<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>El Salvador: How it started vs. how it went with the Bitcoin Law in 2021<\/em><\/strong><\/p>\n<p>Since El Salvador\u2019s Bitcoin Law went into effect, Bukele has used his Twitter account to announce several BTC buys totaling 1,801 BTC as of January \u2014 worth roughly $83 million at the time of publication. In addition, the Salvadoran government said on March 23 that it would be postponing issuing BTC-backed bonds aimed at funding its \u2018Bitcoin City\u2019 project. <\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/us-lawmakers-introduce-companion-bill-to-mitigate-risks-from-el-salvador-s-bitcoin-law\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two members of the House of Representatives have introduced legislation aimed at mitigating the risks to the United States financial system due to El Salvador adopting Bitcoin as legal currency. In a Monday announcement, California Representative Norma Torres and Arkansas Representative Rick Crawford proposed legislation which would direct the State Department to create a plan [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-3156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3156"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3156\/revisions"}],"predecessor-version":[{"id":3158,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3156\/revisions\/3158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3157"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}