Senate Banking Committee Chairman Mike Crapo (R-Idaho) requested public feedback on ICBA-advocated legislation to establish a cannabis-banking safe harbor. Crapo said he does not support the bipartisan SAFE Banking Act (H.R. 1595/S. 1200) that passed the House earlier this year and has concerns related to money laundering and cannabis marketing and research.
With the Senate next in line to consider the bill, ICBA will continue working with Crapo and other senators to explain the benefits of creating a safe harbor for financial institutions and ancillary companies that serve cannabis-related businesses in states where cannabis is legal.
ICBA supports opening the traditional banking system to these businesses to address regulatory compliance concerns, reduce cash-motivated crimes, increase the efficiency of tax collections, and improve cannabis industry transparency.