Benjamin W. Hutten quoted in American Banker article, “Democrats’ sweep helps pot banking’s cause, but battle is far from over”
American BankerBenjamin W. Hutten
Benjamin W. Hutten was quoted in the American Banker article, “Democrats’ sweep helps pot banking’s cause, but battle is far from over,” which reported that although the option of enacting the SAFE Banking Act or the STATES Act would help pot banking reform, banks may not take on new clients or gain new deposits.
Hutten noted, “I think the current calculus for most banks is that the cost of conducting due diligence, and the potential for regulatory criticism, is just not justified by the money to be made. Until marijuana is no longer illegal under the Controlled Substances Act, I'm not sure that the SAFE Act or the STATES Act are going to result in a whole lot of traction.”
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