US Senate Democrats have proposed legislation calling for an investigation into El Salvador’s implementation of Bitcoin as legal tender. The newly introduced ‘El Salvador Accountability Act of 2025’ seeks to examine President Nayib Bukele’s management of the cryptocurrency program and investigate corruption allegations potentially enabled by Bitcoin transactions.
El Salvador remains a cryptocurrency pioneer as the first nation to adopt Bitcoin as legal tender. The country currently holds approximately 6,232 BTC, valued at roughly $690 million, making its treasury holdings a focal point in the proposed investigation.
President Bukele immediately dismissed the Senate initiative through social media mockery, asserting confidence in his government’s policies. This stance resonates domestically, where Bukele maintains robust public approval ratings averaging 8.5 on a 10-point scale.
International reactions to the proposed legislation reflect geopolitical divisions, with US lawmakers expressing concern over financial transparency while Bitcoin markets continue showing volatility. The debate unfolds against Bitcoin’s recent price surge which saw it reach unprecedented highs exceeding $112,000.