Republican Support for the SAFER Banking Act

The TDR Three Key Takeaways regarding Republican Support for SAFER Banking Act:

  1. Rep. Hill reaffirms longstanding commitment to the SAFER Banking Act.
  2. Rep. Mace calls on Schumer to advance the SAFER Banking Act.
  3. Increasing bipartisan willingness boosts Cannabis banking bill prospects.

This week has provided increasing Republican support surrounding the SAFER Banking Act as two Republican House Representatives, Rep. French Hill and Rep. Nancy Mace, openly declared their support. The question that looms large now is whether support from the Republican House Representatives for the SAFER Banking Act is gaining momentum.

Representative French Hill of Arkansas vocalized his longstanding support for the legislation during an interview with Bloomberg. “I would vote for it if it were coupled. I have supported the SAFE Banking Act for nine years in Congress now, which would allow cannabis businesses in states where it’s legal to have access to the banking system,” Hill explained. He further added, “I think it’s a lot easier to catch bad actors and illegal activity if those companies are participating in the banking system.” This endorsement is not just about facilitating easier banking for cannabis businesses but enhancing oversight to deter illegal activities.

Meanwhile, Rep. Nancy Mace of South Carolina took to Twitter to express her frustrations and urge action, tweeting, “Hey, @SenSchumer, stop holding #SAFEBanking as a campaign carrot, and PASS. THE. BILL.” Her direct call to Senate Majority Leader Schumer to push forward the legislative process highlights a growing impatience and a proactive stance among Republicans.

Rep. Nancy Mace exclusive interview on Trade to Black Podcast with Shadd Dales and Anthony Varrell

The SAFER Banking Act’s primary goal is to allow cannabis businesses legal in their respective states to access essential banking services, currently hindered by federal regulations. This access is not merely an operational convenience but a critical step towards transparency, regulatory compliance, and safety.

The support from Hill and Mace could signal a pivotal shift in the legislative landscape, potentially catalyzing a bipartisan effort to advance this long-stalled bill. Their public endorsements come at a time when the conversation around cannabis legislation is notably intensifying, with various stakeholders from different political backgrounds recognizing the economic and social benefits of regulated cannabis markets.

Both representatives are advocating for a dual legislative push, coupling the SAFER Banking Act with a payment stablecoin bill. Such a strategy could streamline the legislative process and leverage bipartisan support to ensure a comprehensive approach to both cannabis banking and cryptocurrency reform. This approach not only aims to modernize financial transactions in the U.S. but also positions the country as a leader in global financial innovation.The SAFER Banking Act’s chances of passing have improved following recent supportive statements from influential Republican leaders and growing bipartisan cooperation. Want to keep up to date with all of TDR’s research and news, subscribe to our daily Baked In newsletter.

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