This is all about political expediency with no actual end game in sight.
This idea of somehow finding a link between a plant that’s been around for millennia that homo sapiens is desperatly trying to monetize with associated rules and regs combined in the same piece of legislation with the latest in gaming / gambling /currency exchange, call it what you will, reminds of cannabis banking in the omnibus bill, cannabis banking in the defense spending bill, cannabis in the… you get the message.
Really.
I’ll eat my hat if this goes through and personally I believe it is about time to say enough is enough .
Either just be truthful and just do nothing or, please god, somebody sit down and write a half decent bit of stand alone cannabis and hemp and all all associated Cannabinoid derivatives and products banking legislation .
As much as I like Schumer and his constant battle to get something done I get the feeling he’s selling himself short by doing this and it’ll get tied up in knots by amendments, churlish GOP senators and a whole host of other individuals and organistions. If cannabis banking has to go through this endless cycle yet again can we at least stort with a bill headed “cannabis” and nothing else .
PYMTS.com write
Proposed rules for marijuana banking and cryptocurrency regulation may be combined into a single bill.
The legislation has not been finalized, but there have been talks in the U.S. Congress about combining a cannabis bill, the “Secure and Fair Enforcement Regulation (SAFER) Banking Act,” and a stablecoin measure, Marijuana Moment reported Sunday (April 14).
Senate Majority Leader Chuck Schumer (D-NY) has said that he aims to pass legislation to “safeguard cannabis banking” and achieve that in the “weeks and months ahead,” according to the report.
The SAFER Banking Bill has been awaiting action by the Senate since being passed by the Senate Committee on Banking, Housing and Urban Affairs in September 2023, Seeking Alpha reported Monday (April 15).
The bill could impact a number of multistate operators and cannabis exchange-traded funds (ETFs), according to the report.
It was reported April 1 that while more than half of all Americans live in a state that has legalized marijuana, banks won’t work with cannabis sellers because the drug is still illegal under federal law.
As a result, legitimate cannabis businesses still find themselves wondering what to do with all their cash, as it is nearly impossible for them to accept payments in anything other than cash.
While the U.S. House has passed a bipartisan bill that would make it easier for cannabis companies to find banking services, the Senate has never voted on its version. However, that vote could come this year.
Some saw a possible opening of the door to more cohesive payments systems in the sector in August 2023, when U.S. health officials recommended easing restrictions on cannabis and reclassifying it as a Schedule III drug under the Controlled Substances Act.
Currently, cannabis is classified as a Schedule I substance, which implies a high risk of abuse and no accepted medical use. If cannabis were to be reclassified as a Schedule III drug, it would be seen as less dangerous and could be obtained legally with a prescription.
As an indicator of the size of potential business payments, the business-to-business (B2B) cannabis platform LeafLink reported that it passed the $1 billion transaction mark in September 2022 with its payment solutions and expected more growth.
Marijuana Banking, Cryptocurrency Regulation May Be Combined Into Single Bill
