US Senate Bill Targets Bukele’s Bitcoin Strategy With Massive Sanctions Plan
2025-07-09 16:24:08
Main Idea
A US Senate bill targets El Salvador's Bitcoin strategy with sanctions, aiming to freeze assets and revoke visas of Salvadoran officials, while also scrutinizing the country's Bitcoin reserves.
Key Points
1. The El Salvador Accountability Act of 2025 (S. 2058) proposes sanctions on Salvadoran officials, including President Nayib Bukele, and seeks to freeze their US-controlled assets and revoke visas.
2. The bill revives concerns from the 2022 ACES Act, which assessed risks of El Salvador's 2021 Bitcoin Law, and now focuses on potential Bitcoin-enabled sanctions evasion.
3. President Bukele responded dismissively to the bill on social media, mocking the Democrats' proposal.
4. The bill reflects broader US concerns about El Salvador's dollarized economy holding un-audited Bitcoin reserves.
5. If passed, the White House would have ten days to implement the sanctions, with BTC trading at $108,821 at the time of reporting.
Description
A trio of Senate Democrats has introduced legislation that would not only blacklist President Nayib Bukele and his inner circle but also order a forensic probe of El Salvador’s Bitcoin strategy. Filed on 12 June by Senators Chris Van Hollen (D-Md.), Tim Kaine (D-Va.) and Alex Padilla (D-Calif.), the El Salvador Accountability Act of 2025 ( S. 2058 ) sits before the Senate Foreign Relations Committee. Dems Target El Salvadors Bitcoin Strategy The bill would trigger full economic-blockading powers...
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