A leading anti-marijuana group, Smart Approaches to Marijuana (SAM) Action, is warning that a potential amendment could be added to a cryptocurrency bill in the Senate this week that would allow the marijuana industry access to the US financial system. The amendment, known as the SAFE Banking Act, would prevent financial regulators from penalizing banks for working with state-legal marijuana businesses. SAM claims that this would lead to exponential growth in the marijuana industry, making it harder to defeat.
SAM is urging its supporters to contact their senators and oppose the amendment, citing concerns that it would give money laundering access to international drug cartels, increase Wall Street investment in the marijuana industry, and provide a precedent for giving banking access to other criminal activity.
The SAFE Banking Act has been a long-standing issue for the marijuana industry, with many advocates arguing that it is necessary to provide financial services to state-legal businesses. However, the bill has faced opposition from some lawmakers and anti-marijuana groups.
In the past, there have been attempts to merge cannabis banking and cryptocurrency legislation, but so far, no such bill has been passed. The current bill, the GENIUS Act, is a cryptocurrency bill that is advancing in the Senate, and SAM is warning that the marijuana industry is trying to attach the SAFE Banking Act to it.
Industry lobbyists have denied that there are any plans to attach the SAFE Banking Act to the GENIUS Act, but SAM is still urging its supporters to contact their senators and oppose the amendment. The group is also providing a pre-written letter that supporters can use to express their opposition to the amendment.
The issue of cannabis banking has been a contentious one in Congress, with some lawmakers arguing that it is necessary to provide financial services to state-legal businesses, while others argue that it would enable the marijuana industry and provide a precedent for other criminal activity. The issue is likely to continue to be debated in Congress in the coming months.
