Sean Ono Lennon, the son of the iconic musician John Lennon, has voiced his disapproval of the “Digital Asset Anti-Money Laundering Act,” a proposed anti-crypto bill by Massachusetts Senator Elizabeth Warren. Lennon took to Twitter to express his criticism, referencing a video in which Senator Roger Marshall, coauthor of the bill, admitted seeking assistance from the American Bank Association to formulate the legislation, despite having limited knowledge about cryptocurrencies beyond their alleged use in criminal activities.
The “Bitcoin Ban Bill” aims to extend Bank Secrecy Act requirements and Know Your Customer (KYC) rules to encompass various cryptocurrency participants, including miners, validators, and wallet provider companies. If enacted, the legislation could have significant implications for the crypto industry.
Lennon’s tweet suggested skepticism toward lawmakers’ understanding of crypto, implying that some have an IQ below 90. He insinuated that traditional banks view cryptocurrencies as a threat, given the advantages of crypto, including lower transaction fees, faster transactions, and user control over funds.
Sean Ono Lennon is known for his interest in the crypto space, having endorsed the Friend Tech project earlier this year. In 2020, he became an advocate for Bitcoin, emphasizing its benefits compared to traditional currencies and financial assets.
Interestingly, Ripple CTO also weighed in on the “Bitcoin Ban Bill,” expressing partial support for Senator Warren’s anti-money laundering act. Ripple’s CTO acknowledged that Warren’s concerns about proper oversight in the crypto space may have validity, although the senator’s broader view on cryptocurrencies primarily focuses on potential misuse for money laundering, tax evasion, and criminal activities.
Senator Warren has consistently expressed apprehensions about the impact of cryptocurrencies on the U.S. economy, contending that, without adequate regulation, they pose risks. While acknowledging the potential for financial inclusion for the unbanked, Warren remains skeptical about the overall role of Bitcoin and other cryptocurrencies, even attributing the use of crypto to finance North Korea’s nuclear program. These views have sparked debate and criticism within the crypto community.