Around two-thirds of U.S. senators now support the SAFER Banking Act, a measure that would allow marijuana businesses nationwide to access traditional banking services.
According to a detailed analysis of each senator’s stance (using publicly available information such as committee votes, social media posts, etc.), 66 senators are in favor of the legislation, or at least have indicated an openness to it. To the contrary, 34 senators oppose it or have given no public position. This growing level of support crosses party lines, with backing from both Democratic and Republican senators, as well as the Senate’s two independents.
The SAFER Banking Act allow banks and credit unions to provide financial services to state-legal cannabis businesses, which currently operate largely in cash due to federal banking prohibitions. Supporters argue that this would reduce crime, improve transparency, and ease business operations in the 24 states that have legalized recreational marijuana, as well as in states with medical-only programs.
The SAFER Banking Act was approved by the Senate Banking Committee in September 2023, but has never received a full Senate vote. A similar measure, the SAFE Banking Act, has been passed by the full House of Representatives on multiple occasions.
Opposition remains concentrated among more conservative Republicans, including Senate Minority Leader Mitch McConnell (R-KY) and Senators like Tom Cotton (R-AR) and John Cornyn (R-TX), who continue to oppose marijuana reform at all levels. A handful of lawmakers, such as Senator Raphael Warnock (D-GA), have expressed concerns about the bill’s equity provisions but have signaled potential support if amendments are made.
A 2025 version of the SAFER Banking Act has not yet been filed, but it’s expected to be soon. Rep. Dina Titus, Co-Chair of the bipartisan Congressional Cannabis Caucus, has said several times this year that cannabis banking legislation is one of the group’s top priorities.
