Senators Jim Risch, Bob Menendez, and Bill Cassidy's Accountability for Cryptocurrency in El Salvador (ACES) Act  would require a State Department report on mitigating risks to the U.S. financial system from El Salvador's adoption of Bitcoin as legal tender.

The two senators say that El Salvador recognizing Bitcoin (BTC) as official currency opens the door for money laundering cartels and undermines US interests.

Bill Cassidy said that if the United States wishes to combat money laundering and preserve the role of the dollar as a reserve currency of the world, we must tackle this issue head-on.

If passed, the bill would require the State Department to report on a laundry list of subjects with respect to El Salvador and Bitcoin, including the flow of remittances from the US to El Salvador, bilateral and international efforts to combat transnational illicit activities, and the potential for reduced use by El Salvador of the greenback.

The move quickly drew a partly comic, partly angry response from El Salvador President Nayib Bukele who said: "OK boomers. You have zero 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."

We expect the bombing will begin any day now.