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A U.S. Senator proposed a long wick candle targeting Bukele's use of Bitcoin in El Salvador.
Gate News bot news, a group of Democratic senators introduced the "2025 El Salvador Accountability Act" (S. 2058) in June, which could impose sanctions related to Bitcoin on President Nayib Bukele. The bill requires the U.S. Secretary of State to report on the Bukele government's use of Crypto Assets (particularly Bitcoin) for corruption and evasion of sanctions.
The report will analyze the crypto assets activities in El Salvador, including the amount of public funds used for Bitcoin, listing exchanges, wallet addresses, and identifying individuals authorized to use these funds. The report will also assess corruption risks and investigate the use of Bitcoin to evade financial sanctions. This bill marks an increased scrutiny by the United States on El Salvador's Bitcoin strategy.
The key elements of the proposed report include:
· Estimated amount of Bitcoin purchased by El Salvador
· List of exchanges used for these transactions
· Wallet address for storing Bitcoin or other Crypto Assets
· Confirm the individual authorized to use these funds
· Assess the potential corruption risks of government use of Crypto Assets
· Investigate whether Bitcoin is used to evade financial sanctions