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Proposed rules for marijuana banking and cryptocurrency regulation may be combined into a single bill.

The legislation has not been finalized, but there have been talks in the U.S. Congress about combining a cannabis bill, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, and a stablecoin measure, Marijuana MomentreportedSunday (April 14).

Senate Majority Leader Chuck Schumer (D-NY) has said that he aims to pass legislation to safeguard cannabis banking and achieve that in the weeks and months ahead, according to the report.

The SAFER Banking Bill has been awaiting action by the Senate since being passed by the Senate Committee on Banking, Housing and Urban Affairs in September 2023, Seeking AlphareportedMonday (April 15).

The bill could impact a number of multistate operators and cannabis exchange-traded funds (ETFs), according to the report.

It was reported April 1 that while more than half of all Americans live in a state that has legalized marijuana, banks wont work withcannabis sellersbecause the drug is still illegal under federal law.

As a result, legitimate cannabis businesses still find themselves wondering what to do with all their cash, as it is nearly impossible for them to accept payments in anything other than cash.

While the U.S. House has passed a bipartisan bill that would make it easier for cannabis companies to find banking services, the Senate has never voted on its version. However, that vote could come this year.

Some saw a possible opening of the door to more cohesive payments systems in the sector in August 2023, when U.S. health officials recommended easingrestrictions on cannabisand reclassifying it as a Schedule III drug under the Controlled Substances Act.

Currently, cannabis is classified as a Schedule I substance, which implies a high risk of abuse and no accepted medical use. If cannabis were to be reclassified as a Schedule III drug, it would be seen as less dangerous and could be obtained legally with a prescription.

As an indicator of the size of potential business payments, the business-to-business (B2B) cannabis platform LeafLinkreported that it passed the $1 billion transaction mark in September 2022 with its payment solutions and expected more growth.

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Marijuana Banking, Cryptocurrency Regulation May Be Combined Into Single Bill - PYMNTS.com

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Cryptocurrency prices fell Saturday evening after Iran launched a wave of drones at Israel, marking an early indication of the turmoil that could hit markets as investors start to price in the threat of a broader war in the Middle East.

Bitcoin was down 5% from its price on Friday, while Ether sank more than 7%, and XRP tumbled 13.5%, according to CoinMarketCap. Thats a sign risk assets will be under pressure.

A fuller picture of Wall Streets reaction to Irans first-ever, full-scale military assault on Israel will come on Sunday evening, when futures trading opens in the U.S. for stocks, bonds, commodities, and currencies.

Trading on Friday offered somewhat of a preview on what to expect. Reports at the time said an Iranian attack on Israel was expected within two days, boosting U.S. benchmark oil prices as much as 3% to top $87 a barrel.

U.S. Treasury bonds also rallied sharply, sending the 10-year yield down as much as 10 basis points as investors looked for safety.

Similarly, the U.S. dollar advanced as geopolitical tensions caused investors to turn away from riskier emerging-market currencies.

Even the euro fell to a five-month low against the greenback, as markets also weighed the prospect of the European Central Bank cutting rates before the Federal Reserve does.

Meanwhile, prices for goldtraditionally seen as another safe-haven assetsurged to a fresh record high above $2,400 an ounce before later reversing those gains late Friday.

Stocks sold off on Friday, led by risk-on tech shares, as investors also digested bank earnings and fresh inflation data that further dampened hopes for imminent Fed rate cuts.

Mideast tensions have been ramping up since militants backed by Iran attacked Israel in October. Other Iranian-backed groups in Lebanon, Iraq, Syria, and Yemen have also launched rockets at Israel.

More recently, Tehran blamed Israel foran April 1airstrike in Syriathat killed two Iranian generals, though Israel hasnt addressed it.

With Iran attacking Israel, the risk grows that the U.S.Israels most important military allycould be also be drawn into direct engagements with Iran. On Saturday, the White House vowed to support Israels defense, after moving more Navy ships toward the region in anticipation of an attack.

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Markets flash early signs of risk from wider Mideast war as crypto prices sink after Iran launches wave of drones at Israel - Fortune

Bipartisan congressional lawmakers from the House and Senate are discussing the possibility of combining cyptocurrency regulation legislation with a marijuana banking bill.

Senate Majority Leader Chuck Schumer (D-NY) raised the topic with House Financial Services Committee Chairman Patrick McHenry (R-CA) and Ranking Member Maxine Waters (D-CA) on Thursday, a source familiar with the conversation confirmed with Marijuana Moment.

The legislation has yet to be finalized, but the prospect of merging the Secure and Fair Enforcement Regulation (SAFER) Banking Act with the stablecoin measure comes amid heightened expectations about the Senate moving the cannabis bill as a standalone, months after it cleared committee.

Politico reported that the package under consideration could potentially be attached to a Federal Aviation Administration reauthorization bill that needs to pass before May 10.

Schumer recently reiterated his intent to pass legislation to safeguard cannabis banking as part of a busy agenda that he hopes to achieve in the weeks and months ahead, though he again stressed the need for bipartisan cooperation.

He also recently asked people toshow their support for the SAFER Banking Act by signing a petitionas he steps up his push for the legislation. A poll released last month by the American Bankers Association (ABA) shows that roughly three out of five Americanssupport allowing marijuana industry access to the banking system.

Rep. Nancy Mace (R-SC) said last week that that if Republicans want to keep the House, they should pass the marijuana banking bill, arguing that there are votes to approve it.

Schumer told Marijuana Moment last month thatthe bill remains a very high priority for the Senate, and members are having very productive bicameral talks to reach a final agreement.

Marijuana Moment is tracking more than 1,400 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they dont miss any developments. Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.

Senate Banking Committee Chairman Sherrod Brown (D-OH) also said last month thatpassing the SAFER Banking Act off the floor is a high priority.However, he also recently said in a separate interview thatadvancing the legislation is complicated by current House dynamics.

House Majority Whip Tom Emmer (R-MN) separately said during a recent American Bankers Association (ABA) summit that he wants to see the SAFER Banking Act move.

He said that, for whatever reason, the federal government has been slow to act on the incremental reform that he supports even though he doesnt identify as a marijuana guy.

One key factor thats kept the bill from the Senate floor is disagreement over mostly non-cannabis provisions dealing with broader banking regulations, primarily those contained in Section 10 of the legislation.

Bicameral negotiations have been ongoing, however, and recent reporting suggests that a final deal could be just over the horizon.

The Democratic Senate sponsor of the SAFER Banking Act, Sen. Jeff Merkley (D-OR), told Marijuana Moment last month that the legislation is gaining momentum as lawmakers work to bring it to the floor and pass it this year.

The office of the Republican SAFER Banking prime sponsor, Sen. Steve Daines (R-MT), separately told Marijuana Moment that conversations have been productive and Senator Daines is working to get the bill across the finish line.

At the close of the first half of the 118th Congress in December, Schumer said in a floor speech that lawmakers would hit the ground running in 2024, aiming tobuild on bipartisan progress on several key issues, including marijuana banking reformthough he noted it wont be easy.

Biden, Harris And Top DOJ Official Promote Marijuana Pardons While Commemorating Second Chance Month

Photo courtesy of Mike Latimer.

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Schumer And Key House Lawmakers Discuss Merging Marijuana Banking Bill With Cryptocurrency Reform - Marijuana Moment