A prominent anti-marijuana organization has raised concerns about the potential inclusion of cannabis banking reform in a cryptocurrency bill currently advancing in the Senate. Smart Approaches to Marijuana (SAM) Action sent an email to supporters urging them to oppose any amendments that could allow cannabis businesses access to the U.S. financial system.
The Senate is set to review the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. SAM warns that marijuana industry lobbyists may seek to attach SAFE Banking language to this unrelated legislation. The SAFE Banking Act aims to protect banks from penalties when they work with state-legal cannabis businesses, despite cannabis remaining federally illegal.
According to SAM, this amendment would facilitate significant growth in the cannabis sector, posing several risks, such as: – Enabling money laundering opportunities for international drug cartels under the guise of legalization. – Attracting substantial Wall Street investment to the cannabis industry, which could lead to its commercialization similar to tobacco. – Setting a precedent for banking access for other illegal activities.
SAM’s communication highlighted the public health risks associated with increased access to cannabis banking, citing rising incidents of severe mental illness, drugged driving fatalities, emergency room visits, and workplace accidents linked to cannabis use.
Despite these warnings, a lobbyist for the cannabis industry stated they were unaware of any plans to attach SAFE Banking provisions to the GENIUS Act. As of now, no formal amendments related to SAFE Banking have been filed for Senate consideration. SAM continues to encourage its supporters to contact their senators and express opposition to the inclusion of SAFE Banking in the GENIUS Act.
The organization has provided a template letter for constituents to send to their representatives. In the letter, they stress that allowing banking access to the cannabis industry would contradict federal law and invite various risks associated with illegal drug trade.
During the previous Congress, discussions about merging cannabis banking and cryptocurrency legislation did not lead to any concrete outcomes. Although the standalone Secure and Fair Enforcement Regulation (SAFER) Banking Act passed a Senate committee, it never reached a floor vote, disappointing advocates.
With Republicans now controlling both chambers of Congress and many in leadership opposing cannabis legalization, the future of cannabis banking reform remains uncertain. Previous support from President Donald Trump for cannabis banking access has not translated into action since he took office, and the White House has indicated no plans to pursue marijuana reform proposals that Trump endorsed during his campaign.
In March, a Republican lawmaker expressed optimism about passing a marijuana banking bill this session, framing the lack of financial services for the cannabis industry as a ‘second tier’ of prohibition. Congressional hearings have repeatedly addressed the financial barriers faced by cannabis businesses, underscoring the urgency of the issue.
Research from congressional analysts has indicated that access to banking services could lead to billions in federally insured deposits from cannabis businesses, highlighting the financial implications of current restrictions. The Government Accountability Office (GAO) is also conducting focus groups with cannabis businesses to better understand their banking access challenges under federal prohibition.
The push for cannabis banking continues as industry stakeholders express frustration over legislative stagnation. As the Senate prepares to consider various bills, the fate of cannabis banking reform hangs in the balance, awaiting decisions from lawmakers and their constituents.
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