Smart Approaches to Marijuana (SAM), one of the nation’s leading anti-cannabis organizations, has issued an e-mail blast to supporters warning that marijuana banking protections could soon be added to a cryptocurrency bill moving through Congress.
The group warned its supporters about the potential inclusion of the SAFE Banking Act in the GENIUS Act, a cryptocurrency-focused bill expected to come before the Senate. In its e-mail, SAM urges supporters to contact their senators and oppose the addition of marijuana banking language, calling it a backdoor attempt by the marijuana industry to gain federal financial legitimacy while the drug remains illegal under federal law.
“The industry is working hard to include SAFE Banking language,” the message reads. “Click here to tell your senators to oppose the inclusion of SAFE Banking in this bill.” The group claims the measure would facilitate billions in institutional investment into the marijuana industry and enable financial institutions to accept proceeds from what is still considered a federally illegal substance.
This sharp warning, however, comes in stark contrast to a post made just weeks ago by SAM President and CEO Kevin Sabet. On April 30, responding to reporting from The Marijuana Herald that suggested the SAFE Banking Act stood a strong chance of passage in 2025 based on the opinions of congressional staffers, Sabet wrote on X: “Definitely not our read and especially with the many meetings we had today. Sorry.”
If enacted into law, the SAFE (House) and SAFER (Senate) Banking Acts would allow banks and credit unions to provide financial services to cannabis businesses that are legal under state law. Supporters argue this move is necessary to protect cannabis workers and the public, given current cannabis retailers are required to operate as cash-only entities, making them prime targets for burglaries. The proposal would also allow legal marijuana businesses to take standard IRS tax deductions, something currently prohibited under federal law.
As congressional talks continue, the fate of the SAFE Banking Act—and how or where it might be attached—remains uncertain, but advocacy from both sides is ramping up. Co-chair of the bipartisan Congressional Cannabis Caucus Rep. Dina Titus said months ago that cannabis banking is one of the group’s top priorities.
