Bipartisan members of Congress from both the House and Senate are in talks about potentially merging cryptocurrency regulation legislation with a marijuana banking bill.
On Thursday, Senate Majority Leader Chuck Schumer (D-NY) broached the subject with House Financial Services Committee Chairman Patrick McHenry (R-CA) and Ranking Member Maxine Waters (D-CA), as confirmed by a source familiar with the discussion reported by Marijuana Moment.
While the specific details of the legislation are still being worked out, the idea of combining the Secure and Fair Enforcement Regulation (SAFER) Banking Act with the stablecoin measure is being considered, especially as expectations rise regarding the Senate’s movement on the standalone cannabis bill that cleared committee months ago.
There are discussions about attaching this potential package to a Federal Aviation Administration reauthorization bill that must pass before May 10, according to Politico.
Schumer has emphasized his commitment to advancing legislation for “safeguarding cannabis banking” as part of a busy legislative agenda in the coming weeks and months, highlighting the importance of bipartisan collaboration.
In a recent call to action, Schumer urged support for the SAFER Banking Act by encouraging people to sign a petition, underscoring the widespread public backing for granting the marijuana industry access to the banking system, as indicated by a recent poll by the American Bankers Association (ABA).
Rep. Nancy Mace (R-SC) suggested that passing the marijuana banking bill could be strategically beneficial for Republicans in maintaining control of the House, pointing out the potential support for the bill among lawmakers.
Both Schumer and Senate Banking Committee Chairman Sherrod Brown (D-OH) have expressed strong support for advancing the SAFER Banking Act, with ongoing bipartisan discussions aimed at finalizing the details and reaching a consensus.
Despite some challenges related to broader banking regulations, progress is being made through bicameral negotiations, with optimism surrounding the prospects of reaching a final agreement soon.
Sen. Jeff Merkley (D-OR), the Democratic sponsor of the SAFER Banking Act in the Senate, noted that the legislation is gaining momentum and efforts are underway to bring it to the floor for passage this year. Similarly, Sen. Steve Daines (R-MT), the Republican sponsor, is actively working to advance the bill.
Looking ahead, Schumer has expressed determination to build on bipartisan achievements, including marijuana banking reform, in the upcoming legislative sessions, recognizing the complexities involved in these efforts.
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Senate Banking Committee Chairman Sherrod Brown (D-OH) and House Majority Whip Tom Emmer (R-MN) have also voiced their support for advancing the SAFER Banking Act, underscoring the need for federal action on banking reform in the cannabis sector.