August 13, 2022

Federal reform could transform crypto’s cannabis use case

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The recent vow by United States Senate leader Chuck Schumer to end federal prohibition of cannabis could have knock-on effects for Bitcoin (BTC) and the wider cryptocurrency industry.

Schumer and fellow Democratic senators Ron Wyden and Cory Booker released a joint statement on Feb. 1, declaring their intention to comprehensively reform federal cannabis legislation. The statement noted the disproportionate impact of the war on drugs on people of color. It stated:

“The War on Drugs has been a war on people—particularly people of color. Ending the federal marijuana prohibition is necessary to right the wrongs of this failed war and end decades of harm inflicted on communities of color across the country.”

Even in states where cannabis is legal, dispensary owners have still been forced to operate outside the traditional banking sphere. Federal prohibition has so far meant that most banks have been unwilling to risk doing business with cannabis stores, effectively forcing owners to run a cash business.

Cryptocurrency and cannabis, particularly in relation to legalization in the United States, both came of age in the same decade. Both have traditionally faced many of the Title: Federal reform could transform crypto’s cannabis use case
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Published Date: Fri, 05 Feb 2021 13:10:22 +0000