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Jihee Ahn
As we’ve written about over the previous a number of years, there have been constant rallying cries for common sense banking reform for the hashish trade.
The SAFE Banking Act, which might permit federally regulated monetary establishments to work with state-legal hashish companies, has been handed by the U.S. Home of Representatives a whopping seven instances. Nevertheless, the Senate has but to take up the SAFE Banking Act, ever – even if it’s sponsored by Senator Jeff Merkley and has 42 co-sponsors.
The ICBA letter
The Unbiased Group Bankers Affiliation (“ICBA”) is now urging Senate Majority Chief Chuck Schumer (D-NY) and Minority Chief Mitch McConnell (R-KY) to do one thing with the invoice by the top of the 12 months, on this lame duck session of Congress. The letter penned by the ICBA and 44 state banking associations states:
This laws enjoys sturdy, bipartisan help, would resolve a battle between state and federal regulation, and addresses a crucial public security concern. We urge its enactment with out additional delay … The Act would create a secure harbor from federal sanctions for monetary establishments that serve cannabis-related companies (CRBs), in addition to the quite a few ancillary companies that serve them, in states and different jurisdictions the place hashish is authorized. Latest polling discovered that two-thirds of voters help hashish banking entry.
The ICBA survey: that is what the individuals need!
The letter cites to that ICBA survey performed in September 2022 – whereby 71% of voters agree that permitting cannabis-related companies to entry the banking system “would assist scale back the danger of theft and assault at cannabis-related companies — exhibiting the significance of the coverage to public security.”
The ICBA’s polling additionally discovered:
- Greater than 80% of voters say that working completely in money will increase the danger of theft or theft.
- 62% agree that proscribing cannabis-related companies from accessing banks is a menace to public security.
- 63% agree that permitting cannabis-related companies to entry banks will enhance public security.
- 58% say a Senate vote on establishing a secure harbor for hashish banking is vital.
However will the Secure Banking Act transfer?
Sadly, this isn’t the primary time gamers in each the banking and hashish industries have been ignored by the Senate: related letters have been despatched and publicized all through the years. Whereas we’re uncertain that this can transfer the needle, we’ll proceed to hope that this crucial legislative reform will occur very quickly for everybody’s profit.
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