Legislation for Marijuana Business Banking Services Faces Congressional Hurdles

According to Bloomberg, the likelihood of a swift congressional review of legislation aimed at providing banking services to marijuana businesses, regulating stablecoins, and encouraging competition in credit-card swipe fees is dwindling. The lack of support from all top congressional leaders makes it challenging to append this legislation to a rapidly progressing bill like the FAA measure, which requires reauthorization by the end of next week. Senior Senate Republicans have expressed skepticism about the feasibility of marijuana banking, a priority for the Senate Majority Leader. The second-ranking Senate Democrat also shares this sentiment. A tax-cut package passed by the House, which combines business breaks and an expanded child tax credit, remains stagnant. Republican senators argue that the breaks for low-income parents are overly generous and may deter them from working. The Senate Finance Chairman has also weighed in on the matter. 'This is probably the last major must-pass bill before the election,' said Cornyn, referring to the rush of senators to add items to the FAA bill. He anticipates a 'pretty bumpy process'.