House Members Strongly Urge Senate Banking Committee to Make “Legal” Cannabis SAFE for Banking
Understanding that Sen. Crapo opposes any legalization of marijuana, the congressmen argue "[e]xercising caution before adding limitations to the legislation's safe harbor that impose unworkable burdens on financial institutions, or would jeopardize the larger, bipartisan effort to address public safety concerns associated with cash-only transactions." They also emphasized that the SAFE Banking Act "does not change the legal status of marijuana and is focused solely on taking cash off the streets and aligning federal banking laws with the decisions states are already making regarding cannabis."
In conclusion, the congressmen advocate that the SAFE Banking Act is "an important step toward making our communities safer and providing regulatory certainty to banks, credit unions, and other firms - many of which are not directly involved in the marijuana industry - which are trying to operate their businesses in a safe and legal way."