U.S. SAFER banking law faces last-minute opposition

Hopes that the highly anticipated SAFER banking bill would be attached to a «must-pass» bill were dashed last week due to a «last-minute setback.».

Last week, reports emerged that the SAFER Act (Secure and Fair Enforcement Regulation Banking Act), which would allow U.S. cannabis companies to access banking and financial services, could be included in a broader bill that is likely to be passed.

It was expected that the SAFER Act, along with the new cryptocurrency regulations, would be included in the bill to reauthorize the Federal Aviation Administration (FAA), which is considered a «must-pass» bill.

However, according to a report by MarketWatch published on Over the weekend, that plan was scrapped due to lawmakers' reluctance.

Bryan Barash, vice president of external affairs at Dutchie, the cannabis payments giant, and a member of the U.S. Cannabis Council, told the publication: «We’re disappointed. There was some pushback right before the finish line.»

He added that he was not aware of any widespread opposition to this project, which has has already been attempted unsuccessfully on several occasions, but it was unclear whether Senate Minority Leader Mitch McConnell would support it.

The bill, which has made progress on several occasions in the House of Representatives, has failed to become law despite a decade of attempts.

Many lawmakers, including Senate Majority Leader Chuck Schumer, remain hopeful that the bill will be passed soon.

Last month, he stated at a press conference that his chamber would «work very hard» to ensure that this historic bill is passed before November of this year.

When asked if he thought the measure could be adopted before November, he replied, «We firmly believe in so many things, and we will continue to work on the agenda we have presented.»

«First, we need to fund the government—the supplemental budget is very important. But after that, you’ll see us turn our attention to the many bills we’ve passed: the SAFER Act, rail safety, and many other things as well.»