Nearly three months into the new year at the time of writing (March 2023), it appears as though marijuana banking reform is back on the table in the U.S. Senate. Democrat leader Chuck Schumer has apparently told the Biden administration that he is committed to finding a way forward on giving businesses in the marijuana sector access to traditional bank services.
Schumer has the support of his entire caucus. As evidence, Colorado’s Sen. Michael Bennett pressed Treasury Secretary Janet Yellen in a recent hearing on Capitol Hill. In his remarks, Bennett made it clear that he thought marijuana to be a more important commodity than cryptocurrency. His comparing the two was not a coincidence.
Cryptocurrency is somewhat controversial for a number of reasons. Still, it is a legal asset that can be traded freely. The cryptocurrency sector has free and easy access to traditional banking. Bennett argues that the marijuana … Read the rest