In June 2025, Democratic Senator of the United States introduced the HB 2058 bill, targeting El Salvador's President Bukele and his Bitcoin policies. The bill requires the U.S. State Department to submit a report on whether "cryptocurrency is being used as a tool for corruption by the Bukele regime."

The focus is to investigate the total amount of funds El Salvador used to purchase $BTC, the Bitcoin addresses controlled by the government, whether there is any misappropriation or opaque flow of funds, and whether there are any actions taken to evade international sanctions using BTC. I know many friends may wonder why this is an issue for the U.S., as it seems to be El Salvador's own matter.

In fact, since El Salvador adopted BTC as legal tender in 2021, the U.S. has been extremely vigilant of this government. On one hand, BTC as a payment method effectively bypasses the dollar settlement system; it is important to know that BTC is not controlled by SWIFT, which raises concerns in the U.S. about it becoming a channel for gray money or terrorism financing. On the other hand, the U.S. is also worried that if El Salvador succeeds, more underdeveloped countries may follow suit. This could further weaken the position of the dollar.

Additionally, it actually feels like this is not Trump's style. Trump and Bukele have communicated quite well on several occasions, especially regarding the use of $BTC as a strategic reserve, which is somewhat similar to El Salvador's approach. Therefore, this time it should largely be the Democrats taking action, not necessarily to attack BTC, but rather to extend the dominance of the dollar.