U.S. Senators James Risch of Idaho and Senator Bob Menendez of New Jersey introduced a bill on May 11 requiring reporting on the adoption of cryptocurrencies as legal tender in El Salvador, congressional records show.
According to a May 12 report by the Washington Examiner, Risch introduced the bill as part of an effort to combat the use of cryptocurrencies as legal tender, claiming that it could weaken economic and financial stability and empower malicious actors.
The bill, if passed, could require U.S. federal agencies to report on El Salvador’s capabilities in cybersecurity and financial stability, and how those capabilities lead to the passage of the country’s bitcoin law.