More FUD from American politicians. A bipartisan group of senators introduced legislation that seeks to mitigate perceived risks posed by El Salvador’s adoption of Bitcoin as a legal currency.
Accountability for Cryptocurrency in El Salvador Act aims to “mitigate potential risks to the U.S. financial system” such as money laundering and terrorism funding.was introduced by senators James Risch and Bill Cassidy, with Bob Menendez signing on. Senator Risch wrote in the Wednesday announcement:
Senator Cassidy wrote that “recognizing Bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests.” The first part of the report would assess how El Salvador developed and enacted the Bitcoin Law, how El Salvador will “mitigate the financial integrity and cyber security risks” from digital assets, whether it meets Financial Action Task Force requirements, the impact on individuals and businesses, and the effect crypto will have on its economy.
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