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US Reports on Bitcoin in El Salvador and Financial System Risks

This act requires the U.S. government to prepare reports on El Salvador's adoption of Bitcoin as legal tender. The goal is to assess its impact on financial stability, security, and international relations, and to develop a plan to mitigate risks to the U.S. financial system.
Key points
The U.S. government will study how El Salvador implemented Bitcoin as its official currency.
Reports will assess Bitcoin's impact on El Salvador's economy, remittances from the U.S., and cybersecurity risks.
A plan will be developed to protect the U.S. financial system from cryptocurrency risks in other countries.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_7391
Sponsor: Rep. Torres, Norma J. [D-CA-35]
Process start date: 2022-04-04
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

ACES Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7391.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-04.

What are the main provisions?

Key points include:

  • The U.S. government will study how El Salvador implemented Bitcoin as its official currency.
  • Reports will assess Bitcoin's impact on El Salvador's economy, remittances from the U.S., and cybersecurity risks.
  • A plan will be developed to protect the U.S. financial system from cryptocurrency risks in other countries.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Torres, Norma J. [D-CA-35].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Security