Proposed rules for marijuana banking and virtual currency regulation could be combined into a single bill.
Although the bill has not yet been finalized, there is discussion in the US Congress about combining the safe and fair enforcement regulation (SAFER) Banking Act, a cannabis bill, with the stablecoin measure Marijuana Moment. report Sunday (April 14th).
Senate Majority Leader Chuck Schumer (D-N.Y.) has passed legislation to “protect cannabis banking,” with the goal of achieving it “in the coming weeks and months,” according to the report. He said that
The SAFER Banking Act has been awaiting Senate action since being passed by the Senate Banking, Housing and Urban Affairs Committee in September 2023. report Monday (April 15th).
The bill could impact many multi-state operators and cannabis exchange-traded funds (ETFs), according to the report.
On April 1, it was reported that banks are refusing to do business with marijuana, even though more than half of Americans live in states that have legalized marijuana. cannabis seller That’s because the drug remains federally illegal.
As a result, legal cannabis businesses are still wondering what to do with all their cash, as it’s nearly impossible to accept non-cash payments.
The U.S. House of Representatives passed a bipartisan bill to make it easier for cannabis businesses to find banking services, but the Senate has never voted on the bill. But that vote could still happen this year.
Some believe that August 2023, when U.S. health officials recommend easing, could open the door to a more consistent payment system in the sector. cannabis restrictions and reclassifying it as a Schedule III drug under the Controlled Substances Act.
Currently, cannabis is classified as a Schedule I substance, meaning it has a high risk of abuse and has no approved medical uses. If marijuana were reclassified as a Schedule III drug, it would be considered less dangerous and could be legally obtained with a prescription.
An indicator of the scale of potential business-to-business payments is business-to-business (B2B) cannabis platforms. leaf link reported that its payment solutions will surpass $1 billion in transaction value in September 2022, with further growth expected.
