Arizona Legal professional Basic Kris Mayes has joined 30+ legal professionals normal in calling on Congress to move the SAFER Banking Act of 2025. The coalition submitted a letter to congressional leaders urging passage of regulation that would supply felony readability for banks and monetary establishments to serve state-regulated hashish companies, addressing crucial public protection considerations whilst making improvements to states’ talent to assemble taxes and behavior regulatory oversight.
“When felony hashish companies are pressured to function in coins, it’s no longer simply inefficient – it’s bad,” mentioned Legal professional Basic Mayes. “The SAFER Banking Act is a realistic resolution that may give protection to employees and communities whilst making sure Arizona can successfully acquire taxes and oversee this rising trade.”
The letter emphasizes that present federal banking restrictions create needless public protection dangers via forcing respectable hashish companies to function essentially in coins. This cash-intensive surroundings makes staff and shoppers goals for violent crime whilst undermining states’ talent to successfully keep an eye on and tax those industries.
Recently, 39 states, 3 territories, and the District of Columbia allow scientific hashish use, whilst 24 states, two territories, and the District of Columbia have legalized adult-use hashish. Just about 75% of American citizens now reside in jurisdictions the place hashish has been legalized in some shape.
The legal professionals normal word that 21 states lately acquire hashish tax revenues, however many state companies had been became away via monetary establishments when making an attempt to deposit cannabis-related bills.
“For over 12 years, Arizona’s felony, regulated marijuana program has prioritized protection for sufferers, shoppers, and the general public,” mentioned Ann Torrez, Government Director of Arizona Dispensaries Affiliation. “We’re thankful to Legal professional Basic Mayes for the continuing give a boost to in upholding the voter-approved marijuana program in Arizona, and for becoming a member of a bipartisan coalition urging Congress to behave on S.A.F.E.R (Safe and Truthful Enforcement Legislation Banking Act). Get right of entry to to standard monetary products and services is very important for making improvements to transparency, decreasing public protection dangers, and making sure the continuing luck of our trade. This can be a crucial federal factor, and we admire leaders on each side of the aisle operating in combination to handle it.”
The coalition emphasizes that the SAFER Banking Act would no longer inspire hashish legalization in states that experience selected to not allow it, nor wouldn’t it exchange hashish’s federal felony standing. As an alternative, the regulation creates a focused secure harbor permitting depository establishments to offer monetary products and services to lined companies in states that experience applied rules and rules making sure duty within the hashish trade.
The letter argues that bringing hashish trade into the regulated banking machine would allow regulation enforcement; federal, state, and native tax companies; and hashish regulators to extra successfully track hashish companies and their transactions. Compliance with tax rules could be more effective and more straightforward to put into effect with regulated monitoring of finances within the banking machine, leading to upper tax revenues.
The coalition stresses that the regulation is commonsense, bipartisan, and respects each state sovereignty and the present federal standing of hashish. The SAFER Banking Act addresses particular public coverage demanding situations dealing with states because of federal prohibition on banking cannabis-related finances whilst shifting coins from felony hashish companies into the extremely regulated banking machine, the place it’s going to be extra clear to state regulators and regulation enforcement.
The legal professionals normal conclude that the regulation will beneficially have an effect on the security of American citizens who reside in states the place hashish has been legalized, whilst enabling financial enlargement and steadiness of their respective jurisdictions.
Becoming a member of Legal professional Basic Mayes in submitting the letter are the legal professionals normal of Maryland, Ohio, Georgia, the District of Columbia, Alaska, American Samoa, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Northern Mariana Islands, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, U.S. Virgin Islands, Utah, Vermont, Washington, and West Virginia.
Arizona Legal professional Basic Kris Mayes has joined 30+ legal professionals normal in calling on Congress to move the SAFER Banking Act of 2025. The coalition submitted a letter to congressional leaders urging passage of regulation that would supply felony readability for banks and monetary establishments to serve state-regulated hashish companies, addressing crucial public protection considerations whilst making improvements to states’ talent to assemble taxes and behavior regulatory oversight.
“When felony hashish companies are pressured to function in coins, it’s no longer simply inefficient – it’s bad,” mentioned Legal professional Basic Mayes. “The SAFER Banking Act is a realistic resolution that may give protection to employees and communities whilst making sure Arizona can successfully acquire taxes and oversee this rising trade.”
The letter emphasizes that present federal banking restrictions create needless public protection dangers via forcing respectable hashish companies to function essentially in coins. This cash-intensive surroundings makes staff and shoppers goals for violent crime whilst undermining states’ talent to successfully keep an eye on and tax those industries.
Recently, 39 states, 3 territories, and the District of Columbia allow scientific hashish use, whilst 24 states, two territories, and the District of Columbia have legalized adult-use hashish. Just about 75% of American citizens now reside in jurisdictions the place hashish has been legalized in some shape.
The legal professionals normal word that 21 states lately acquire hashish tax revenues, however many state companies had been became away via monetary establishments when making an attempt to deposit cannabis-related bills.
“For over 12 years, Arizona’s felony, regulated marijuana program has prioritized protection for sufferers, shoppers, and the general public,” mentioned Ann Torrez, Government Director of Arizona Dispensaries Affiliation. “We’re thankful to Legal professional Basic Mayes for the continuing give a boost to in upholding the voter-approved marijuana program in Arizona, and for becoming a member of a bipartisan coalition urging Congress to behave on S.A.F.E.R (Safe and Truthful Enforcement Legislation Banking Act). Get right of entry to to standard monetary products and services is very important for making improvements to transparency, decreasing public protection dangers, and making sure the continuing luck of our trade. This can be a crucial federal factor, and we admire leaders on each side of the aisle operating in combination to handle it.”
The coalition emphasizes that the SAFER Banking Act would no longer inspire hashish legalization in states that experience selected to not allow it, nor wouldn’t it exchange hashish’s federal felony standing. As an alternative, the regulation creates a focused secure harbor permitting depository establishments to offer monetary products and services to lined companies in states that experience applied rules and rules making sure duty within the hashish trade.
The letter argues that bringing hashish trade into the regulated banking machine would allow regulation enforcement; federal, state, and native tax companies; and hashish regulators to extra successfully track hashish companies and their transactions. Compliance with tax rules could be more effective and more straightforward to put into effect with regulated monitoring of finances within the banking machine, leading to upper tax revenues.
The coalition stresses that the regulation is commonsense, bipartisan, and respects each state sovereignty and the present federal standing of hashish. The SAFER Banking Act addresses particular public coverage demanding situations dealing with states because of federal prohibition on banking cannabis-related finances whilst shifting coins from felony hashish companies into the extremely regulated banking machine, the place it’s going to be extra clear to state regulators and regulation enforcement.
The legal professionals normal conclude that the regulation will beneficially have an effect on the security of American citizens who reside in states the place hashish has been legalized, whilst enabling financial enlargement and steadiness of their respective jurisdictions.
Becoming a member of Legal professional Basic Mayes in submitting the letter are the legal professionals normal of Maryland, Ohio, Georgia, the District of Columbia, Alaska, American Samoa, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Northern Mariana Islands, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, U.S. Virgin Islands, Utah, Vermont, Washington, and West Virginia.
