Marijuana Banking, Cryptocurrency Regulation May Be Combined Into Single Bill

Proposed rules for regulating marijuana banking and cryptocurrencies can be combined into a single bill.

The legislation has not been finalized, but there has been talk in the US Congress about combining a cannabis bill, the “Secure and Fair Enforcement Regulation (SAFER) Banking Act” and a measure stablecoin, Marijuana Moment. reported Sunday (April 14).

Senate Majority Leader Chuck Schumer (D-NY) has said his goal is to pass legislation to “safeguard cannabis banks” and do so in the “weeks and months ahead,” according to the report.

The SAFER banking bill has been awaiting Senate action since it was passed by the Senate Banking, Housing and Urban Affairs Committee in September 2023, Seeking Alpha reported Monday (April 15).

According to the report, the bill could affect several multi-state operators and cannabis exchange-traded funds (ETFs).

On April 1, it was reported that while more than half of Americans live in a state that has legalized marijuana, banks do not work with them. cannabis sellers because the drug is still illegal under federal law.

As a result, legitimate cannabis businesses are still wondering what to do with all their cash, finding it nearly impossible to accept non-cash payments.

While the U.S. House of Representatives passed a bipartisan bill that would make it easier for cannabis businesses to find banking services, the Senate never voted on its version. However, that vote could come this year.

Some saw a possible opening of the door to more cohesive payment systems in the sector in August 2023, when US health officials recommended easing. cannabis restrictions and reclassify it as a Schedule III drug under the Controlled Substances Act.

Cannabis is currently classified as a Schedule I substance, implying a high risk of abuse and no accepted medical use. If cannabis were reclassified as a Schedule III drug, it would be considered less dangerous and could be obtained legally with a prescription.

As an indicator of the size of potential commercial payments, the business-to-business (B2B) cannabis platform sheet link reported that it surpassed the $1 billion transaction mark in September 2022 with its payment solutions and expected further growth.