This obviously means that cannabis businesses are out of the game.
Cannabis Business Times have published a detailed report on cannabis & banking in the light of this announcement although it does seem to poke a little too hard at Schumer laying the blame for no banking at his feet. To be honest i think it is a little bit more complicated than that and at least he tried, it’s not as though there are that many Republicans lining up to take on the fight!
The article also highlights this useful snippet
In announcing the upcoming hearing, Scott encouraged businesses and individuals who have been debanked to contact his staff through its confidential whistleblower resource (email: RepWhistleblowers@banking.senate.gov | call: 202-224-4287) ahead of the hearing to help ensure that “bad actors who have exploited their powers” are held accountable.
Since then, Flowhub CEO Kyle Sherman and his team established a form for cannabis industry employees who have been debanked or denied loans to fill out so they can share their experiences directly with Scott and the committee.
The Alert States
Washington, D.C. – Chairman Tim Scott (R-S.C.) today announced witnesses for the upcoming Senate Banking Committee hearing focused on debanking on February 5, 2024.
WHAT: Senate Banking Committee Hearing: “Investigating the Real Impacts of Debanking in America.”
WHEN: February 5, 2025 at 10:00am ET
WHERE: 538 Dirksen Senate Office Building
WHO:
- Nathan McCauley, CEO & Co-Founder, Anchorage Digital
- Evan Hafer, Founder and Executive Chairman, Black Rifle Coffee Company
- Stephen Gannon, Partner, Davis Wright Tremaine LLP
“This hearing will provide an important opportunity to hear directly from Americans who operate federally legal businesses and have been debanked. It will also allow the Banking Committee, and the American public, to learn more about whether there was improper influence by financial regulators. Debanking is unacceptable and un-American – this hearing is the first step in our efforts to hold bad actors accountable,” said Chairman Scott.
BACKGROUND:
Ahead of the Senate Banking Committee’s hearing on debanking, Chairman Scott is encouraging businesses and individuals who have been debanked to report allegations to his committee staff. To share such information with Chairman Scott’s staff, please email RepWhistleblowers@banking.senate.gov or call 202-224-4287. Please include your business, agency, or organization; details of your allegation; and a phone number or email address where we may reach you.
