Janet Yellen Says Regulators Seeking Solutions For Marijuana Banking, Sen. Bennet Calls Cannabis More Stable Than Crypto
OG Article: here.
View our Fair Use Policy: here.
At Thursday’s Senate Finance Committee hearing, Colorado Senator Michael Bennet (D) asked Treasury Secretary Janet Yellen about the ongoing lack of banking and financial services available to the cannabis industry. Bennet aptly referred to cannabis as more stable than cryptocurrency, which contributed to the closing of New York’s Signature Bank last Sunday. He noted the contradiction that marijuana is still federally illegal.
Yellen responded that “It’s something the regulators have been looking for solutions to…as you pointed out, in the case of marijuana, it is against federal law, and that’s a barrier, unfortunately, to appropriate banking services for the industry,” reported Reuters.
Meanwhile, Majority leader Chuck Schumer (D-NY)