Recent federal disclosure filings show that in Q4, 2023 online payment giant PayPal lobbied in favor of the SAFER Banking Act.
The SAFER Banking Act (S.2860) would provide federal protections to banks and other financial institutions that decide to provide services to marijuana businesses that are legal under their state’s law. The measure is currently sponsored by 35% of the entire US Senate. In September the proposal was passed through the Senate Committee on Banking, Housing and Urban Affairs with bipartisan support.
In federal filings, legally required under the Lobbying Disclosure Act of 1995, PayPal announced that they have been conducting lobbying efforts in support of “S. 2860, Secure And Fair Enforcement Regulation Banking Act, all provisions”, as well as “Issues related to banking services for cannabis-related businesses.”
PayPal, founded in 1998, has over 400 million users across the globe. The lobbying reports show that PayPal lobbied in support of 10 other issues, all unrelated to marijuana.
According to an analysis by GovTrack.us, the SAFER Banking Act has a 68% chance of being passed in the Senate and House, and signed into law by President Biden.
The SAFER Banking Act has the support of the National Conference of State Legislatures, as well as a bipartisan group of 22 attorneys general. It’s also supported by a majority of US adults.
For a look at the federal marijuana bills most likely to be passed by the US House and Senate this year, including the SAFER Banking Act, click here.
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