According to wcvb.com and ABC news network,
Sen. Elizabeth Warren is leading an effort to make sure vendors working with legal marijuana businesses don’t have their banking services taken away.After voters in Warren’s home state, [Massachusetts], approved a November ballot question to legalize the recreational use of pot, she joined nine other senators in sending a letter to a key federal regulator, the Financial Crimes Enforcement Network, calling on it to issue additional guidance to help banks provide services to marijuana shop vendors. The Massachusetts Senator seeks to pull marijuana businesses out of banking limbo.
Warren, a member of the Senate Banking Committee, said there are benefits to letting marijuana-based businesses move away from a cash-only model.
“You make sure that people are really paying their taxes. You know that the money is not being diverted to some kind of criminal enterprise,” Warren said recently. “And it’s just a plain old safety issue. You don’t want people walking in with guns and masks and saying, ‘Give me all your cash.'”
A spokesman for the Financial Crimes Enforcement Network said the agency is reviewing the letter.
There has been some movement to accommodate the banking needs of marijuana businesses.
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