US Senators Will Investigate The Effects Of El Salvador’s BTC Experiment

The US Senators will investigate the effects of El Salvador’s BTC experiment and how making it a legal tender affected the country and the effect it had on the US dollar so let’s read further in today’s latest Bitcoin news.

It will appear that the US Congress is getting more interested in El Salvador’s adoption of BTC as a legal tender with senators James Risch, Bill Cassidy, Bob Menendez introducing a bill dubbed the “Accountability for cryptocurrency in El Salvador Act” to monitor the effects of the nation’s law on itself and the US. The US Senators will investigate how making Bitcoin a legal tender affected the nation’s monetary policy and the effect on the dollar. It was introduced back in February but it got into the spotlight again after Bukele expressed shock over it:

 “Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here.”

The bill doesn’t state “fear” but it does reflect on the wariness among politicians about how influential cryptos can affect the world. In fact, one stipulation in teh sector 2 calls to examine the potential for reduced use by El Salvador of the US dollar with the new BTC law. It will require the federal departments to send a plan to Congress in 90 days for mitigating the effects of the legal tender adoption on the US by any country which uses teh dollar for similar purposes.

Like so many authorities today, the senators asked for examination into how El Salvador’s crypto adoption could help other countries like Russia evade sanctions but unlike Elizabeth Warren’s bill on the matter, the legislation has support from the Republican party. Some politicians long warned of BTC’s threat to the dollar supremacy but only in light of the Russia and Ukraine conflict and the economic collapse, has the conversation started about the dollar’s weakness and bitcoin’s strength.

It could be no coincidence that the rumors were swirling about many other countries that consider making BTC a legal tender alongside El Salvador and it also explains Biden’s currency in research of a CBDC in his recent executive order with a goal to hold the dollar’s status as a world reserve currency. El Salvador even recieved criticism from groups like the IMF and the World Bank for months about BTC but president Bukele defied such detractors and maintained his bullish enthusiasm.