• Congresswoman Norma J. Torres, and Congressman Rick Crawford introduced the Accountability For Cryptocurrency In El Salvador (ACES Act).
• The act aims to mitigate the risks to the United States of El Salvador’s adoption of as legal tender.
• The result is Crypto Twitter (NYSE.) furious.

On April 4, U.S. Representative for California’s 35th District, Congresswoman Norma J. Torres, announced that she introduced the Accountability for Cryptocurrency in El Salvador (ACES) act alongside Congressman Rick Crawford. The act aims to mitigate the risks of El Salvador’s Bitcoin adoption as legal tender to the United States.

With @RepRickCrawford, today I presented the Accountability for Cryptocurrency in El Salvador Act. El Salvador’s adoption of #Bitcoin is not a thoughtful embrace of innovation, but a careless gamble that is destabilizing the country. https://t.co/Ag9K8fyHMb pic.twitter.com/4N8DN7895w

— Rep. Norma Torres (@NormaJTorres) April 5, 2022

Rep. Torres further stated, “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.”

Meanwhile, Representative Crawford said, “The rise in popularity of cryptocurrencies such as Bitcoin creates questions and a necessary review of regulation and consumer protection which the U.S. federal government should be involved in.”

El Salvador’s hasty decision to adopt Bitcoin as legal tender causes concern for the stability of the U.S.-Salvadorian economic relationship. As policymakers, it is our responsibility to understand how Bitcoin adoption in El Salvador will affect the U.S. and learn from the U.S.

At the time of writing, the responses to Rep. Torres’ tweet have been overwhelmingly negative. Users have started to quote Torres and sent many mockeries at the congresswoman since replies have closed.

Scott Melker, author of the Wolf Den Newsletter, quote tweeted Rep. Torres’ saying that they are only chasing clout at the expense of Bitcoin.

Just a thought…

American lawmakers should be focusing on solving problems within their country, and not writing legislation that has nothing to do the United States.

Clout chasing at Bitcoin’s expense.https://t.co/bBUUvMbf86

— The Wolf Of All Streets (@scottmelker) April 5, 2022

ACES would mandate that the State Department conduct an evaluation of the economic stability and democratic governance risks in El Salvador due to its acceptance of Bitcoin legal tender. It also requires that the State Department develop a strategy for reducing such risks to the U.S. financial sector.

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