© Reuters. John Lennon’s Son Slams ‘Bitcoin Ban Bill’ by Senator Warren, Here’s Key Reason
U.Today – , the younger son of legendary musician John Lennon, has taken to the X/Twitter social media app to take a swipe at the anti-crypto bill recently suggested by Massachusetts Senator Elizabeth Warren – the “Digital Asset Anti-Money Laundering Act.”
Lennon commented on a video posted by Dennis Porter, cofounder and CEO of Satoshi Action Fund. In the video, Senator Warren’s coauthor of the “ Ban Bill,” Senator Roger Marshall, admits that he and Warren asked the American Bank Association for help to craft the legislative act against cryptocurrencies. He admits outright that he does not know much about crypto, apart from the fact that it is allegedly used for criminal purposes.
If the law gets passed, it will allow Bank Secrecy Act requirements and KYC rules to be extended to include various cryptocurrency actors, including miners, validators and wallet provider companies.
a critical comment on that tweet considering the QI of some lawmakers to be not more than 90, meaning that banks are believed to be the biggest enemies of crypto since cryptocurrencies are here to excel them. In particular, this is related to transaction fees, speed of transactions and control of the way funds are being used by their owners.
Lennon is into crypto himself. Earlier this year, he became keen on the Friend Tech project. In 2020, he started advocating the flagship cryptocurrency Bitcoin, pointing out its advantages over traditional currencies and financial assets.
CTO partly supports “Bitcoin Ban Bill”
As reported by U.Today, the chief technology officer at Ripple Labs, , recently tweeted that Senator Warren may actually have a point with her anti-money laundering act, which was created as part of cryptocurrency regulation in the U.S.
Warren believes that without proper oversight, cryptocurrencies may take down the American economy. She does admit that cryptocurrencies have the potential to create financial inclusion for the unbanked. However, the senator mostly sees Bitcoin and other cryptocurrencies as a means for money laundering, tax evasion and other criminal activities. She even claimed that North Korea uses crypto for financing half of its nuclear program – a statement that caused a sarcastic reaction across Crypto X (Twitter) recently.