Rep. French Hill (R-AR), the Republican vice chair of the House Financial Services Committee, has voiced his support for a groundbreaking hybrid bill that combines marijuana banking reform with cryptocurrency regulation. In an interview with Bloomberg, Hill expressed optimism about the potential benefits of enacting both reforms simultaneously.
Backing the SAFE Banking Act
Rep. Hill has been a longstanding supporter of the Secure and Fair Enforcement (SAFE) Banking Act, which aims to provide cannabis businesses in states where marijuana is legal access to the banking system. He emphasized the importance of bringing these businesses into the regulated financial sector to enhance oversight and combat illegal activity.
Merging Cannabis and Cryptocurrency Legislation
Hill’s endorsement of a hybrid bill that combines marijuana banking reform with cryptocurrency regulation reflects his belief in the synergistic potential of these reforms. By addressing both issues concurrently, lawmakers can modernize financial regulations and foster innovation in emerging industries.
Leadership Considerations
While discussing the possibility of including the reforms in a must-pass Federal Aviation Administration (FAA) bill, Rep. Hill deferred to congressional leadership. He underscored the importance of finding the best floor strategy for advancing the legislation and emphasized the progress made in recent discussions.
Prospects for Legislative Action
Senate Majority Leader Chuck Schumer has reiterated his support for the bipartisan marijuana banking bill and indicated that it remains a legislative priority. With recent developments in the Senate and heightened expectations for floor action, there is growing momentum for advancing the legislation.
Bipartisan Negotiations
Bicameral negotiations on the SAFE Banking Act have been ongoing, with lawmakers working to reach a final agreement. Sen. Jeff Merkley (D-OR) expressed optimism about the legislation’s momentum, signaling a potential breakthrough in the near future.
Rep. French Hill’s support for a hybrid cannabis and cryptocurrency bill underscores the bipartisan momentum behind marijuana banking reform. As lawmakers continue to negotiate and collaborate on legislative solutions, there is optimism about the prospects for enacting meaningful reforms that will benefit the country’s financial system and emerging industries.
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