Regulation
Marijuana banking and cryptocurrency regulation can be combined
Proposed rules for marijuana banking and cryptocurrency regulation may be combined into one bill.
The legislation has not been finalized, but discussions have taken place in the U.S. Congress about combining a cannabis bill, the Secure and Fair Enforcement Regulatory (SAFER) Banking Act, and a measure stable, Marijuana Moment. reported Sunday (April 14).
Senate Majority Leader Chuck Schumer (D-N.Y.) said he intends to pass legislation to “protect cannabis banks” and get it done within “weeks and months to come,” 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).
The bill could impact a number of multistate operators and cannabis exchange-traded funds (ETFs), according to the report.
It was reported on April 1 that even though more than half of Americans live in a state that has legalized marijuana, banks refuse to do business with them. cannabis sellers because the drug is still illegal under federal law.
As a result, legitimate cannabis businesses are always wondering what to do with all their money, since it’s almost impossible for them to accept payments in anything other than cash.
While the U.S. House of Representatives passed a bipartisan bill that would make it easier for cannabis companies to find banking services, the Senate never voted on its version. However, this vote could take place this year.
Some saw a possible opening of the door to more consistent payment systems across the sector in August 2023, when U.S. health officials recommended relaxing rules. restrictions on cannabis and reclassify 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 considered less dangerous and could be legally obtained with a prescription.
As an indicator of the scale of potential corporate payments, the business-to-business (B2B) cannabis platform SheetLink announced that it has surpassed the $1 billion mark in transactions in September 2022 with its payment solutions and expects further growth.