Crypto & Cannabis: Potential Merger Sparks Congressional Discussion

Bipartisan congressional lawmakers are in discussions about merging crypto regulation legislation with a marijuana banking bill, signaling a potential convergence of two hot-button issues on Capitol Hill.

Senate Majority Leader Chuck Schumer initiated talks with House Financial Services Committee Chairman Patrick McHenry and Ranking Member Maxine Waters on Thursday, according to sources familiar with the conversation.

The proposed merger involves combining the Secure and Fair Enforcement Regulation (SAFER) Banking Act with crypto stablecoin regulation. This move comes amidst mounting anticipation for the Senate to advance the standalone cannabis bill, months after it cleared committee.

The House marijuana banking bill got one new cosponsor for a total of 112. pic.twitter.com/oOxGlnyXJq

— Texas NORML (@TexasNORML) April 9, 2024

The potential legislation could be bundled with a Federal Aviation Administration reauthorization bill, adding urgency to the discussions ahead of the May 10 deadline.

Schumer has reiterated his commitment to advancing cannabis banking legislation, emphasizing the need for bipartisan cooperation to navigate a busy legislative agenda. He has urged public support for the SAFER Banking Act, citing a recent poll by the American Bankers Association indicating strong public backing for granting the marijuana industry access to the banking system.

The House marijuana banking bill got one new cosponsor for a total of 112.

#cannabis https://t.co/OpifFgfOhN pic.twitter.com/JqbhYadb4j

— Todd Harrison (@todd_harrison) April 8, 2024

With Rep. Nancy Mace emphasizing the political stakes for Republicans, there’s growing pressure to pass the marijuana banking bill. Schumer has underscored the bill’s significance, labeling it a “very high priority” for the Senate.

As discussions continue, Marijuana Moment is closely monitoring legislative developments, tracking over 1,400 cannabis, psychedelics, and drug policy bills in state legislatures and Congress. Supporters on Patreon gain exclusive access to interactive tools to stay informed on these crucial developments.