”The US does not stand for freedom,” President of El Salvador Nayib Bukele Tweeted Wednesday in response to the US Senate passing the (ACES) “Accountability for Cryptocurrency in El Salvador” Act through committee.
The ACES ACT made its way through the committee on Wednesday and will be on the docket in the House.
“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here,” Bukele said.
Where did the ACES Act Come From?
The ACES Act was presented in February by Rep. James Risch and Dem. Bob Menendez. The bill’s specifics attempt to identify and prepare for any hazards that might arise from El Salvador’s legalization of Bitcoin. Since El Salvador has made Bitcoin legal money, they feel it is critical to identify and manage any dangers to the US financial system.
Bukele refuses to bend the knee
El Salvador’s President sees US activities as a threat to national sovereignty. It was not America’s concern what El Salvador’s domestic policies were, he declared when the measure was initially submitted in February.
“OK boomers … You have 0 jurisdiction on a sovereign and independent nation. We are not your colony, your back yard, or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control,” said Bukele.
“Means you’re doing something right, keep crushing it you GOAT,” said Tristan Lamonica, Director of Digital Strategy at the Canadian Parliament.
Update on Volcano Bonds
El Salvador recognized Bitcoin officially as legal tender last year and has since announced ambitions to issue a Bitcoin bond and construct a Bitcoin city. The bond was previously set to go on sale between March 15th and 20th.
However, as reported by Reuters, El Salvador has postponed the introduction of the Bitcoin-backed bond until September.
Bukele said late yesterday that the bond would be issued in conjunction with Bitfinex and that the delay was due to other measures being debated in parliament.
President Nayib Bukele had a busy night on Twitter on Wednesday, on top of the ACES Act, responding to false reports, led by MSM and picked up by others, that Binance was brought in to save his country’s Bitcoin bond sale and criticizing US Senate legislation.
Bukele acknowledged the meeting with CZ, but said they would address problems unrelated to the Volcano Bonds… “Unless he buys some,” he added.
“Nothing has changed, simply delays in the new law moving to Congress,” said former Blockstream CSO and bond advisor Samson Mow. Bitfinex CTO Paolo Ardoino, whose business is coordinating the bond offering, agreed, as did Bukele.
Due to poor macro conditions, El Salvador’s Finance Minister Alejandro Zelaya announced on Tuesday that the nation has postponed its $1 billion volcano bond issuance. “I don’t think this is the time, there are major moves on the planet,” he remarked.
What we do know…
While Samson and CZ of Binance were known to be visiting El Salvador, a few other guests will be gathering. Max Keiser, Stacey Herbert, and Ricardo Salinas are joining the party. Something big is on the way.