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Sen. Scott urges congressional action to let banks serve cannabis businesses
Summary
Sen. Tim Scott said Congress must act—by legalizing or passing a Safe Banking Act—to allow federal banking for legal state cannabis businesses, arguing that lack of access forces cash operations and raises crime risks.
Sen. Tim Scott said the cannabis industry remains largely excluded from federal banking and that a legislative fix is required. "Until it becomes legal ... the banking system cannot allow access to our federal banking system," he said, adding that cash-heavy operations raise safety and criminal risks for businesses and communities.
Scott described the Safe Banking Act as the legislative path and argued Congress must resolve the legal conflict so banks can serve state-legal cannabis businesses without federal exposure. He said a mix of state- and federal policy steps will be needed and called the issue a solvable regulatory problem.
Scott also commented on consumption and public health, saying there are medical uses he acknowledged while noting stronger synthetic products present different policy questions. The interview did not present new federal action or a timeline for passage of banking protections.
