Accountability for Cryptocurrency in El Salvador Act or ACES Act
This bill requires the Department of State to devise and implement a plan to mitigate any potential risk to the U.S. financial system posed by the adoption of a cryptocurrency as legal tender in El Salvador and any other country that uses the U.S. dollar as legal tender. The State Department must report to Congress on this plan and on various issues relating to El Salvador's adoption of Bitcoin as legal tender.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7391 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 7391
To require reports on the adoption of a cryptocurrency as legal tender
in El Salvador, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 4, 2022
Mrs. Torres of California (for herself and Mr. Crawford) introduced the
following bill; which was referred to the Committee on Financial
Services, and in addition to the Committee on Foreign Affairs, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To require reports on the adoption of a cryptocurrency as legal tender
in El Salvador, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Accountability for Cryptocurrency in
El Salvador Act'' or ``ACES Act''.
SEC. 2. REPORTS ON ADOPTION OF CRYPTOCURRENCY AS LEGAL TENDER IN EL
SALVADOR.
(a) In General.--Not later than 60 days after the date of the
enactment of this Act, the Secretary of State, in coordination with the
heads of other relevant Federal departments and agencies, shall submit
to the appropriate committees of Congress a report on the adoption by
the Government of El Salvador of a cryptocurrency as legal tender.
(b) Elements.--The report required by subsection (a) shall include
the following:
(1) A description of the process followed by the Government
of El Salvador to develop and enact the Bitcoin Law
(Legislative Decree No. 57, Official Record No. 110, Volume
431, enacted June 9, 2021), which provides the cryptocurrency,
Bitcoin, with legal tender status in El Salvador.
(2) An assessment of--
(A) the regulatory framework in El Salvador with
respect to the adoption of a cryptocurrency as legal
tender and the technical capacity of El Salvador to
effectively mitigate the financial integrity and cyber
security risks associated with virtual-asset
transactions;
(B) whether the regulatory framework in El Salvador
meets the requirements of the Financial Action Task
Force with respect to virtual-asset transactions;
(C) the impact on individuals and businesses of
requiring tender of Bitcoin; and
(D) the impact of such adoption of a cryptocurrency
on--
(i) the macroeconomic stability and public
finances of El Salvador, including taxation;
(ii) the rule of law and democratic
governance in El Salvador;
(iii) the unbanked population in El
Salvador;
(iv) the flow of remittances from the
United States to El Salvador;
(v) El Salvador's relations with
multilateral financial institutions, such as
the International Monetary Fund and the Word
Bank;
(vi) bilateral and international efforts to
combat transnational illicit activities;
(vii) El Salvador's bilateral economic and
commercial relationship with the United States
and the potential for reduced use by El
Salvador of the United States dollar; and
(viii) existing United States sanctions
frameworks and the potential for the use of
cryptocurrency to circumvent such sanctions.
(3) A description of the internet infrastructure of El
Salvador and an assessment of--
(A) the degree to which cryptocurrency is used in
El Salvador;
(B) matters relating to chain of custody and the
potential for hacking and cybertheft of cryptocurrency;
and
(C) access to transparent and affordable internet
and digital infrastructure among the unbanked
population of El Salvador.
(c) Plan To Mitigate Risks to United States Financial System Posed
by Adoption of Cryptocurrency as Legal Tender in Certain Countries.--
(1) In general.--Not later than 90 days after the submittal
of the report required by subsection (a), the Secretary of
State, in coordination with the heads of other relevant Federal
departments and agencies, shall submit to the appropriate
committees of Congress a plan to mitigate any potential risk to
the United States financial system posed by the adoption of a
cryptocurrency as legal tender in--
(A) El Salvador; and
(B) any other country that uses the United States
dollar as legal tender.
(2) Implementation.--Not later than 30 days after the date
on which the plan is submitted under paragraph (1), the
Secretary of State shall commence implementation of the plan.
(d) Subsequent Report.--Not later than 270 days after the submittal
of the report required by subsection (a), the Secretary of State, in
coordination with the heads of other relevant Federal departments and
agencies, shall submit to the appropriate committees of Congress an
updated version of such report, including a description of any
significant development related to the risks to the United States
financial system posed by the use of a cryptocurrency as legal tender
in El Salvador.
(e) Appropriate Committees of Congress Defined.--In this section,
the term ``appropriate committees of Congress'' means--
(1) the Committee on Foreign Relations and the Committee on
Banking, Housing, and Urban Affairs of the Senate; and
(2) the Committee on Foreign Affairs and the Committee on
Financial Services of the House of Representatives.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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