Potential Legislation Combining Marijuana Banking and Cryptocurrency Regulation: What You Need to Know
The U.S. Congress is considering combining proposed rules for marijuana banking and cryptocurrency regulation into a single bill, according to recent reports. The legislation, which is still in the discussion phase, would merge the “Secure and Fair Enforcement Regulation (SAFER) Banking Act” with a stablecoin measure.
Senate Majority Leader Chuck Schumer has expressed his intention to pass legislation to protect cannabis banking in the near future. The SAFER Banking Bill, which has been awaiting action by the Senate since September 2023, could have a significant impact on multistate operators and cannabis exchange-traded funds.
Despite more than half of Americans living in states where marijuana is legal, banks have been hesitant to work with cannabis sellers due to federal regulations. This has left legitimate cannabis businesses struggling to find banking services and accept payments other than cash.
The U.S. House has already passed a bill to make it easier for cannabis companies to access banking services, but the Senate has yet to vote on its version. However, with recent recommendations to ease restrictions on cannabis and reclassify it as a Schedule III drug, there may be a shift in the industry.
The potential for growth in the cannabis sector is evident, with the business-to-business platform LeafLink surpassing $1 billion in transactions in September 2022. As discussions continue in Congress, the future of marijuana banking and cryptocurrency regulation remains uncertain but promising for the industry.
