US House Bill Seeks To Study El Salvador’s ‘Careless Gamble’ on Bitcoin

US Reps. Norma Torres and Rick Crawford have introduced a companion bill in the House over El Salvador’s adoption of bitcoin

article-image

US Capitol Building | Credit: Shutterstock

share
  • The US House bill directs the State Department to produce an analysis of El Salvador’s Bitcoin Law
  • The bill also seeks to analyze risks relating to cybersecurity, global economic stability and democratic governance

Two members of Congress introduced a companion bill to the House of Representatives on Monday seeking to “mitigate the risks” posed to the US by El Salvador’s adoption of bitcoin as legal tender last year.

The Accountability for Cryptocurrency in El Salvador (ACES) bill, which follows similar legislation introduced to the Senate in February, directs the State Department to produce an analysis of El Salvador’s Bitcoin Law.

Following the Senate bill, El Salvador’s President Nayib Bukele lashed out, labelling three senators “boomers” and directed them to to stay out of his country’s “internal affairs.”

“We are not your colony, your back yard or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control,” Bukele tweeted at the time.

El Salvador officially recognized bitcoin as legal tender on Sept. 7 following a passage of the country’s Bitcoin Law through the Legislative Assembly back in June 2021. The move was praised by crypto proponents around the world while being viewed as a threat to financial stability by others, including the International Monetary Fund.

Introduced to the House floor by representatives Norma Torres, D-Calif., and Rick Crawford, R-Ark., the bill also seeks to analyze risks relating to cybersecurity, global economic stability and democratic governance posed by the Latin American nation’s decision.

A plan to mitigate potential risks to the American financial system will also be drawn up should the bill garner enough votes to pass through the legislature.

“El 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,” Torres said in a statement.

The ACES bills will need to pass through both the House and Senate before it is approved into law by President Joe Biden or vetoed entirely.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

Founded by Coinbase and Cruise veterans, CipherOwl plans to bring artificial intelligence to blockchain monitoring and risk detection

by Blockworks /
article-image

As the shutdown enters its second week, sources say the Senate Banking Committee looks to move ahead with a market structure bill markup

article-image

The collaboration expands Ripple’s Middle East footprint, supporting Bahrain’s blockchain adoption and future rollout of Ripple USD

by Blockworks /
article-image

The medical device firm will manage its $400 million Solana holdings using Coinbase Prime infrastructure to bolster its digital asset strategy

by Blockworks /
article-image

The deal gives PayPay a 40% stake in Binance Japan, linking digital assets with Japan’s largest mobile payment network

by Blockworks /
article-image

Citigroup’s venture arm backs BVNK to expand stablecoin payments infrastructure amid growing US regulatory clarity

by Blockworks /