Donald Trump is said to be intensifying his efforts in order to pass cannabis banking laws before 2026’s midterm election. Senior Senate staffers claim that Trump is directly engaging lawmakers in order to promote the passage or reintroduction of the Secure and Fair Enforcement Regulation Banking Act (SAFER). 

Cannabis Banking Laws: A New Push

SAFER Banking Act provides legal cannabis companies with traditional banking services. It addresses the industry’s current reliance on cash payments due to federal restrictions. The SAFER Banking Act has been stuck in Congress for years despite previous bipartisan backing. Trump’s re-emphasis on cannabis reform reflects his strategic decision to align himself with the public and gain support in states where cannabis is legal. 

Cannabis Policy Developments at a Wider Scale

Bipartisan legislators have introduced the Strengthening Tenth Amendment through Entrusting State (STATES 2.0) Act in addition to the banking reform. This bill seeks to repeal the federal cannabis prohibition for states who have already legalized marijuana. It also provides tax relief, by nullifying Section 280E. It is consistent with Trump’s position that states have the right to decide cannabis policies. 

PREPARE Act, which aims to prepare regulators for the post-prohibition adult-use regulated environment (PREPARE), has also been proposed. This act is a step towards establishing a federal legal framework in anticipation of eventual national legalization. The act creates a federal commission that will develop guidelines to oversee cannabis, similar to alcohol regulations. 

Implications for Industry and Politics

Trump’s proactive approach to cannabis banking reform represents a substantial shift in his administration’s previous policy and indicates the potential for significant policy changes. The administration hopes to improve public safety by addressing financial issues faced by cannabis legal businesses. It also wants to reduce illegal market activity and promote economic growth in the industry.