Lawmakers Reintroduce SAFE Banking Act in House

A bipartisan group of eight U.S. House members has reintroduced the SAFE Banking Act, one day after four senators introduced companion legislation in the Senate.

The legislation would prohibit federal banking regulators from penalizing banks and credit unions that provide financial services to state-licensed cannabis businesses. The bill has passed the House seven times since 2019 but has not become law.

Adam Stettner, CEO of cannabis lender FundCanna, said the industry’s response should remain measured despite the bill’s bipartisan support.

“The SAFE Banking Act has passed the House seven times before, and seven times it has failed to become law. So while the cannabis industry should welcome the bipartisan reintroduction, no one should confuse introduction with completion,” Stettner said.

“However, what feels different for me this time is the broader backdrop. There is real momentum around federal cannabis reform, including the rescheduling process, and Senate Banking Committee Chairman Tim Scott has been more publicly engaged on the cannabis banking problem than we have seen in the past. That matters. But I believe this industry has learned not to celebrate until policy actually changes. We will have to see whether the eighth time is finally the charm.”

Stettner said passage of the legislation would affect more than basic banking services for cannabis businesses.

“For operators, this is not just about opening bank accounts. It is about steps toward normalized financial infrastructure, safer payments, lower friction, better credit access and a capital environment that looks more like every other American industry,” he said.

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