,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cfff  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,february #af1 
#bjbb,mr4 ,risch 7for himself1 ,mr4     
,menendez1 and ,mr4 ,cassidy7 introduced
 the following bill2 which was read     
twice and referred to the ,committee on 
,foreign ,relations  ,a ,,bill  ,to     
require reports on the adoption of a    
cryptocurrency as legal tender in ,el   
,salvador1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,accountability for ,cryptocurrency 
in ,el ,salvador ,act or ,,aces ,act4   
#b4 ,reports on adoption of             
cryptocurrency as legal tender in ,el   
,salvador  7a7 ,in general ,not later   
than #fj days after the date of the     
enactment of this ,act1 the ,secretary  
of ,state1 in coordination with the     
heads of other relevant ,federal        
departments and agencies1 shall submit  
to the appropriate committees of        
,congress a report on the adoption by   
the ,government of ,el ,salvador of a   

cryptocurrency as legal tender4  7b7    
,elements ,the report required by       
subsection 7a7 shall include the        
following3 7#a7 ,a description of the   
process followed by the ,government of  
,el ,salvador to develop and enact the  
,bitcoin ,law 7,legislative ,decree ,no4
 #eg1 ,official ,record ,no4 #aaj1      
,volume #dca1 enacted ,june #i1 #bjba71 
which provides the cryptocurrency1      
,bitcoin1 with legal tender status in   
,el ,salvador4  7#b7 ,an assessment of--
 7,a7 the regulatory framework in ,el   
,salvador with respect to the adoption  
of a cryptocurrency as legal tender and 
the technical capacity of ,el ,salvador 
to effectively mitigate the financial   
integrity and cyber security risks      
associated with virtual-asset           
transactions2  7,b7 whether the         
regulatory framework in ,el ,salvador   
meets the requirements of the ,financial
 ,action ,task ,force with respect to   
virtual-asset transactions2  7,c7 the   
impact on individuals and businesses of 

requiring tender of ,bitcoin2 and  7,d7 
the impact of such adoption of a        
cryptocurrency on-- 7i7 the             
macroeconomic stability and public      
finances of ,el ,salvador1 including    
taxation2  7ii7 the rule of law and     
democratic governance in ,el ,salvador2 
7iii7 the unbanked population in ,el    
,salvador2  7iv7 the flow of remittances
 from the ,united ,states to ,el        
,salvador2  7v7 ,el ,salvador's         
relations with multilateral financial   
institutions1 such as the ,international
 ,monetary ,fund and the ,word ,bank2   
7vi7 bilateral and international efforts
 to combat transnational illicit        
activities2  7vii7 ,el ,salvador's      
bilateral economic and commercial       
relationship with the ,united ,states   
and the potential for reduced use by ,el
 ,salvador of the ,united ,states       
dollar2 and  7viii7 existing ,united    
,states sanctions frameworks and the    
potential for the use of cryptocurrency 
to circumvent such sanctions4  7#c7 ,a  

description of the internet             
infrastructure of ,el ,salvador and an  
assessment of-- 7,a7 the degree to which
 cryptocurrency is used in ,el          
,salvador2  7,b7 matters relating to    
chain of custody and the potential for  
hacking and cybertheft of               
cryptocurrency2 and  7,c7 access to     
transparent and affordable internet and 
digital infrastructure among the        
unbanked population of ,el ,salvador4   
7c7 ,plan ,to mitigate risks to ,united 
,states financial system posed by       
adoption of cryptocurrency as legal     
tender in certain countries  7#a7 ,in   
general ,not later than #ij days after  
the submittal of the report required by 
subsection 7a71 the ,secretary of       
,state1 in coordination with the heads  
of other relevant ,federal departments  
and agencies1 shall submit to the       
appropriate committees of ,congress a   
plan to mitigate any potential risk to  
the ,united ,states financial system    
posed by the adoption of a              

cryptocurrency as legal tender in-- 7,a7
 ,el ,salvador2 and  7,b7 any other     
country that uses the ,united ,states   
dollar as legal tender4  7#b7           
,implementation ,not later than #cj days
 after the date on which the plan is    
submitted under paragraph 7#a71 the     
,secretary of ,state shall commence     
implementation of the plan4  7d7        
,subsequent report ,not later than #bgj 
days after the submittal of the report  
required by subsection 7a71 the         
,secretary of ,state1 in coordination   
with the heads of other relevant        
,federal departments and agencies1 shall
 submit to the appropriate committees of
 ,congress an updated version of such   
report1 including a description of any  
significant development related to the  
risks to the ,united ,states financial  
system posed by the use of a            
cryptocurrency as legal tender in ,el   
,salvador4  7e7 ,appropriate committees 
of ,congress defined ,in this section1  
the term appropriate committees of      

,congress means-- 7#a7 the ,committee on
 ,foreign ,relations and the ,committee 
on ,banking1 ,housing1 and ,urban       
,affairs of the ,senate2 and  7#b7 the  
,committee on ,foreign ,affairs and the 
,committee on ,financial ,services of   
the ,house of ,representatives4