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US Report on El Salvador's Bitcoin Adoption: Financial Security and Remittances

This Act mandates the US State and Treasury Departments to prepare a detailed report on El Salvador's adoption of Bitcoin as legal tender. The goal is to assess how this change affects money laundering risks, El Salvador's economic stability, and the flow of money sent from the US. The report aims to inform Congress about potential threats to US financial security and interests, including cybercrime risks and the potential reduction in US dollar usage.
Key points
Requires a US government report assessing gaps in anti-terrorism and anti-money laundering regulations in El Salvador related to cryptocurrency use.
Analysis of Bitcoin's impact on El Salvador's financial stability, including taxation, and on the flow of remittances (money transfers) from the United States.
Assessment of whether Bitcoin adoption could reduce the use of the US dollar in the region and the resulting risks to trade relations with the US.
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Expired
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Additional Information
Print number: 118_S_1578
Sponsor: Sen. Risch, James E. [R-ID]
Process start date: 2023-05-11
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Summarized by: gemini-2.5-flash-preview-09-2025
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 118_S_1578.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-05-11.

What are the main provisions?

Key points include:

  • Requires a US government report assessing gaps in anti-terrorism and anti-money laundering regulations in El Salvador related to cryptocurrency use.
  • Analysis of Bitcoin's impact on El Salvador's financial stability, including taxation, and on the flow of remittances (money transfers) from the United States.
  • Assessment of whether Bitcoin adoption could reduce the use of the US dollar in the region and the resulting risks to trade relations with the US.
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 Sen. Risch, James E. [R-ID].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Security