El Salvadoran President Nayib Bukele has vehemently dismissed a U.S. Senate bill aimed at scrutinizing his country's cryptocurrency policies, responding to proposed sanctions with a defiant "HAHAHAHAHAHAHA the Dems are just salty" on social media platform X.
The "El Salvador Accountability Act of 2025," introduced in June by Democratic Senators Tim Kaine, Chris Van Hollen, and Alex Padilla, seeks to investigate El Salvador's cryptocurrency activities for potential "regime corruption" and consider asset freezes. The legislation specifically calls for an assessment of whether Bitcoin has been used to circumvent international financial sanctions, and imposes property-blocking and visa sanctions on Bukele and key members of his cabinet. It also mandates a detailed U.S. government report within 90 days of enactment on the use of cryptocurrency by Salvadoran officials for "gross corruption, graft, and sanctions evasion," including an examination of Bitcoin purchases, exchanges used, wallet addresses, and controlling individuals. The bill also instructs U.S. directors at international financial institutions like the IMF and World Bank to oppose new loans to El Salvador.
Bukele's mocking response underscores his unwavering commitment to Bitcoin despite mounting international pressure. El Salvador made history in 2021 by becoming the first nation to adopt Bitcoin as legal tender. While the requirement for businesses to accept the cryptocurrency was later scaled back following tensions with the International Monetary Fund, the country's Bitcoin treasury now boasts 6,232 BTC, valued at approximately $690 million, according to data from Arkham Intelligence shared through Bukele’s verified wallet address.
The timing of Bukele's defiant stance comes as Bitcoin continues its remarkable rally, surging above $112,000 this week before stabilizing near $111,000. Despite persistent criticism from foreign officials and accusations of authoritarian governance, Bukele enjoys strong domestic approval, maintaining an 8.5 out of 10 rating in recent polling.
This latest legislative push by U.S. senators highlights ongoing concerns in Washington regarding El Salvador's embrace of Bitcoin and its broader governance practices, particularly the ongoing state of exception which critics argue has led to human rights abuses. However, Bukele's swift and dismissive reaction signals his government's resolve to continue its Bitcoin-centric economic policies.
July 2025, Cryptoniteuae