[CryptoButthead.com , msch , May 12, 2023] Well, y’all, it seems like our Senators are at it again! Two of them fellers, Senator James Risch from Idaho and Senator Bob Menendez from New Jersey, have decided to dust off an old bill from 2022. Now, these two usually can’t agree on the color of the sky, but this time they’re both concerned about El Salvador’s decision to accept Bitcoin as legal tender.
These two Senators reintroduced this bill on May 11, and it looks a whole lot like the “Accountability for Cryptocurrency in El Salvador Act” that Risch brought up back in February 2022. That was right after El Salvador decided to start accepting Bitcoin, you see.
Now, according to the Washington Examiner, Risch is worried that using cryptocurrency as legal tender might “weaken economic and financial stability and empower malign actors.” Ever since September 2021, El Salvador has been accepting Bitcoin alongside the U.S. dollar, and it’s got some folks worried.
If this bill gets passed, it could make our federal agencies look into El Salvador’s cybersecurity and financial stability capabilities. They’d want to figure out how this might’ve led to the passage of the country’s Bitcoin Law. The International Monetary Fund has also been warning El Salvador to consider the risk of Bitcoin on the country’s financial integrity and stability.
The earlier version of this Bitcoin-focused legislation made it through a Senate committee in April 2022. Over in the House of Representatives, lawmakers also introduced a similar bill, but it hasn’t moved an inch in over a year.
Last time this bill was brought up, El Salvador’s President Nayib Bukele wasn’t too happy about it. He took to Twitter, calling U.S. lawmakers “boomers” and said they were trying to interfere with “a sovereign and independent nation.” Bukele has led El Salvador to adopt many pro-crypto policies, including plans to build a Bitcoin city using BTC-backed bonds.
Disclaimer: Yo, this is just Butthead yappin’, man. Don’t take this too seriously, huh huh. Crypto investing is serious stuff, and you should, like, get real info or whatever. And remember, dude, investing is also, like, extra risky. If you have no clue, ask someone who knows.
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