Julian Lennon, the younger son of the iconic musician John Lennon, has taken to Twitter to express his disapproval of the recently proposed “Digital Asset Anti-Money Laundering Act” by Massachusetts Senator Elizabeth Warren. In a video shared by Satoshi Action Fund’s CEO, Dennis Porter, Senator Roger Marshall, coauthor of the “Bitcoin Ban Bill” alongside Warren, admitted seeking assistance from the American Bank Association to formulate the legislation against cryptocurrencies. Marshall conceded his limited knowledge of crypto, emphasizing its alleged association with criminal activities.
If passed, the bill would extend Bank Secrecy Act requirements and KYC rules to include various cryptocurrency entities, including miners, validators, and wallet provider companies.
Lennon criticized the proposed legislation in a tweet, questioning the intelligence quotient (IQ) of some lawmakers, suggesting that banks view cryptocurrencies as a threat due to their potential to outperform traditional systems in terms of transaction fees, speed, and owner fund control.
Julian Lennon is actively involved in the crypto space, having shown interest in the Friend Tech project earlier this year. Since 2020, he has been an advocate for Bitcoin, highlighting its advantages over traditional currencies and financial assets.
In a contrasting perspective, Ripple CTO, [CTO’s Name], has offered partial support for the “Bitcoin Ban Bill.” Acknowledging Senator Warren’s concerns about money laundering, he suggested that proper oversight is essential for cryptocurrency regulation in the U.S.
Senator Warren, who believes that cryptocurrencies pose a threat to the American economy without adequate oversight, recognizes their potential for financial inclusion. However, she predominantly views Bitcoin and other cryptocurrencies as tools for money laundering, tax evasion, and criminal activities. Her claim that North Korea uses crypto to finance half of its nuclear program has sparked sarcastic reactions within the Crypto Twitter community.
