U.S. senators on Wednesday introduced legislation requiring the State Department to write a report on El Salvador’s Bitcoin Law and develop a plan to “mitigate potential risks to the U.S. financial system.” The proposed law, the Accountability for Cryptocurrency in El Salvador (ACES) Act, was introduced by Jim Risch (R-Idaho), Bob Menendez (D-N.J.), ranking member and chairman of the Senate Foreign Relations Committee, and Bill Cassidy (R-La.). Why? Because the U.S. Dollar is the exchange currency of the world, and the U.S. would like it to stay that way.
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