WASHINGTON — Senate Banking Committee Chairman Mike Crapo delivered a significant blow Wednesday to legislation enabling banks and credit unions to serve the cannabis industry, announcing his opposition to a bill designed to help marijuana businesses in the more than 30 states that have legalized the substance.
“I have significant concerns that the SAFE Banking Act does not address the high level potency of marijuana, marketing tactics to children, lack of research on marijuana’s effects, and the need to prevent bad actors and cartels from using the banks to disguise ill-gotten cash to launder money into the financial system,” Crapo said in a detailed statement about his views on the issue.
Crapo's plans have been the subject of intense speculation since the House passed the Secure and Fair Enforcement Banking Act. The biggest question has been whether he would hold a vote on pot banking legislation in 2019. But his statement all but confirms that he will not move such a bill this year.