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A bipartisan group of 23 Senators signed a letter addressed to Senate and House leadership asking for the SAFE Banking Act to be left in the “innovation and competitiveness” package, the America COMPETES Act of 2022. The House has passed the SAFE ACT six times, most recently as an amendment to its version of the bipartisan competition bill.

The letter highlights that law enforcement organizations have publicly testified before Congress about the cash-related safety risks and serious violence perpetrated against employees working in the cannabis industry. The same law enforcement organizations have also testified about the importance of moving these large amounts of cash in the cannabis industry into the banking system, where accounts are monitored in accordance with existing federal anti-money laundering laws and the Bank Secrecy Act.