Is crypto legislation in El Salvador a careless gamble rather than a thoughtful embrace of innovation? California representative Norma Torres seems to think that, and so she is urging to design of a plan to mitigate its effects in the US.
to have the Secretary of State as well as federal department and agency heads report to Congress within 60 days on a plan to"mitigate any potential risk to the United States financial system posed by the adoption of a cryptocurrency as legal tender" in El Salvador and other countries that accept the U.S. dollar — seemingly including Ecuador, Micronesia, Palau, East Timor, Zimbabwe and the Marshall Islands.
“El Salvador is an independent democracy and we respect its right to self-govern, but the United States must have a plan in place to protect our financial systems from the risks of this decision, which appears to be a careless gamble rather than a thoughtful embrace of innovation,” said Torres.
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