The senate committee instructed to conduct a vote on a marijuana banking bill – that could potentially open the door for pot businesses to access mainstream banking services – won’t be doing so next week, despite insiders’ predictions, according to the office of the committee’s chairman. Although the failure to meet the expected timeline is disappointing, the financial sector stands by in anticipation as the industry remains hopeful the issue will soon be resolved.
1. Banking Relief On Pause: Delay of Senate Committee Vote On Marijuana Banking Bill
The Senate Banking Committee has hit the brakes on the proposed Secure and Fair Enforcement (SAFE) Banking Act, which would provide banking services to companies working in the legal cannabis industry. The measure has been sidelined after the vote that was scheduled for Tuesday has been post-poned.
The SAFE Banking Act was largely expected to pass in the panel of the legislative body, with a bipartisan majority of 41 senators on board. However, things seemed to take an abrupt U-turn when Sen. Mike Crapo, Republican Senator from Idaho, raised some objections to the bill.
- Senator Crapo is concerned that there are no adequate control measures in place to prevent the misuse of funds in the cannabis industry.
- The primary purpose of the bill is to ensure pubic safety by providing access to federally regulated financial institutions for cannabis businesses.
Although the bill is put on temporary pause, senators like Jeff Merkley (D-Oregon) and Thom Tillis (R-North Carolina) have stated their hopes that it will eventually be passed. They are currently exploring solutions to include the objects raised by their committee member in order to move the act through the Senate.
2. Hurdles Sidetrack Predicted Vote: Insiders’ Expectations Thwarted With Postponement
As the clock ticked closer to Election Day, the nation was holding its breath in anticipation, but sometimes even the most reliable polls don’t tell the full story. Insider expectations for the predicted vote went out the window after the postponement of the election due to a series of unforeseen hurdles.
Though not all was disappointing news, some positive trends were noted as well.
- An Unprecedented Surge in Voter Registration: Despite the delays in electing a president, more record numbers of people registered to vote than ever before, swelling the voter reserve to such a degree that it caused a number of technical glitches in the early voting process.
- Increasing Awareness of Social Issues: The step back from the polls also gave more emerging political voices their time to shine, and with it a refreshing surge of awareness around social and climate change initiatives.
As the dust clears and the election process continues, one can only hope that history and the nation will look back with even more positive momentum.
3. Banking Bill Setback: Chairman’s Office Reveals Delay in Legislative Process
This week, a long-anticipated setback was revealed in the banking bill’s legislative process.
The chairman of the national banking committee’s office announced that the timeline for the bill’s implementation has been delayed.
- Enacted in 2017: The banking bill, which was enacted by former president’s administration in 2017, had been expected to be fully implemented in 2020.
- Delay in Process: The delays have been attributed to flaws in the initial drafting of the bill, in addition to growing complexity around the bill’s implementation.
For now, it’s unclear when the banking bill will likely be fully implemented. The chairman’s office has cautioned that the delay could stretch into 2021. Companies in the banking industry are now left to wait and watch for further developments.
4. Clearing a Path Forward: Technology Solutions Aid Unmet Banking Needs of Cannabis Industry
Cannabis businesses face an uphill battle when it comes to accessing banking services due to the industry’s illegality on the federal level. Fortunately, technology solutions have come to the rescue, providing aid to cannabis companies striving to find sustainable ways to meet their banking needs.
Tech solutions like virtual wallets, mobile banking, and cryptocurrency are all viable alternatives for users looking to access banking services. Virtual wallets offer a secure and easy way to securely store and manage finances, providing users with access to multiple account types. Mobile banking also provides targeted services for those in need, allowing users to easily transfer money, track spending, and keep records for taxation purposes. Cryptocurrency has been another popular option when it comes to banking in the cannabis industry. Popular cryptocurrencies such as Bitcoin and Ethereum have allowed users to access banking services on a global level, and new options are popping up all the time.
- Virtual wallets offer secure storage and multiple account types
- Mobile banking provides tailored services, with an emphasis on money transfers and tracking
- Cryptocurrency is expanding, with Bitcoin and Ethereum leading the way
The cannabis industry is still fighting many roadblocks when it comes to banking, but fortunately, technology solutions are rapidly appearing that are specifically tailored to the unique needs of these businesses. By utilizing these successful strategies, cannabis businesses have been given the opportunity to access financial services that were previously out of reach.
Despite predictions of an imminent vote from many on the inside, the characteristically halting progress of the Senate Committee suggests that the marijuana banking bill may not see this much-anticipated resolution this week. We can only hope this popular bill gets what it deserves in the near future, and that the effort for sensible marijuana legislation will finally be able to pass the hurdles in the way.