I 
117TH CONGRESS 
2D SESSION 
H. R. 7391 
To require reports on the adoption of a cryptocurrency as legal tender in 
El Salvador, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 4, 2022 
Mrs. TORRES of California (for herself and Mr. CRAWFORD) introduced the 
following bill; which was referred to the Committee on Financial Services, 
and in addition to the Committee on Foreign Affairs, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
of such provisions as fall within the jurisdiction of the committee con-
cerned 
A BILL 
To require reports on the adoption of a cryptocurrency as 
legal tender in El Salvador, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Accountability for 
Cryptocurrency in El Salvador Act’’ or ‘‘ACES Act’’. 
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SEC. 2. REPORTS ON ADOPTION OF CRYPTOCURRENCY AS 
LEGAL TENDER IN EL SALVADOR. 
(a) IN GENERAL.—Not later than 60 days after the 
date of the enactment of this Act, the Secretary of State, 
in coordination with the heads of other relevant Federal 
departments and agencies, shall submit to the appropriate 
committees of Congress a report on the adoption by the 
Government of El Salvador of a cryptocurrency as legal 
tender. 
(b) ELEMENTS.—The report required by subsection 
(a) shall include the following: 
(1) A description of the process followed by the 
Government of El Salvador to develop and enact the 
Bitcoin Law (Legislative Decree No. 57, Official 
Record No. 110, Volume 431, enacted June 9, 
2021), which provides the cryptocurrency, Bitcoin, 
with legal tender status in El Salvador. 
(2) An assessment of— 
(A) the regulatory framework in El Sal-
vador 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 transactions; 
(B) whether the regulatory framework in 
El Salvador meets the requirements of the Fi-
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duced use by El Salvador of the United 
States dollar; and 
(viii) existing United States sanctions 
frameworks and the potential for the use 
of cryptocurrency to circumvent such sanc-
tions. 
(3) A description of the internet infrastructure 
of El Salvador and an assessment of— 
(A) the degree to which cryptocurrency is 
used in El Salvador; 
(B) matters relating to chain of custody 
and the potential for hacking and cybertheft of 
cryptocurrency; and 
(C) access to transparent and affordable 
internet and digital infrastructure among the 
unbanked population of El Salvador. 
(c) PLAN TO MITIGATE RISKS TO UNITED STATES 
FINANCIAL
SYSTEM
POSED
BY
ADOPTION
OF 
CRYPTOCURRENCY
AS
LEGAL
TENDER
IN
CERTAIN 
COUNTRIES.— 
(1) IN GENERAL.—Not later than 90 days after 
the submittal of the report required by subsection 
(a), the Secretary of State, in coordination with the 
heads of other relevant Federal departments and 
agencies, shall submit to the appropriate committees 
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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— 
(A) El Salvador; and 
(B) any other country that uses the United 
States dollar as legal tender. 
(2) IMPLEMENTATION.—Not later than 30 days 
after the date on which the plan is submitted under 
paragraph (1), the Secretary of State shall com-
mence implementation of the plan. 
(d) SUBSEQUENT REPORT.—Not later than 270 days 
after the submittal of the report required by subsection 
(a), the Secretary of State, in coordination with the heads 
of other relevant Federal departments and agencies, shall 
submit to the appropriate committees of Congress an up-
dated version of such report, 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 Salvador. 
(e) APPROPRIATE COMMITTEES OF CONGRESS DE-
FINED.—In this section, the term ‘‘appropriate commit-
tees of Congress’’ means— 
(1) the Committee on Foreign Relations and 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate; and 
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(2) the Committee on Foreign Affairs and the 
Committee on Financial Services of the House of 
Representatives. 
Æ 
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