312
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 27 Jul 2023
312 points (96.7% liked)
News
22855 readers
4928 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
Except Mastercard is lying, FinCEN has specifically issued guidance for national finance institutions (banks, credit cards, etc.) to be able to accept cannabis transactions in states that have legalized. Most of these finance institutions are just unwilling to accept the additional cost of complying with the regulations. There’s a reason why Valley National Bank is so popular with cannabis companies - it’s a national bank that follows FinCEN guidelines. It comes at a higher cost, but a lot of companies feel it’s worth it.
And this FinCEN guidance wasn’t just issued - it was issued in 2014. The only reason the cannabis industry doesn’t have widespread access to traditional finance, and why banks keep lobbying for the SAFE Banking Act, is because the banks don’t want to have to do the extra work to comply with the FinCEN guidance.
Note - I agree it’s stupid that cannabis is federally illegal and think it should be legalized (or at the very least deschedule it and let states decide if they’ll allow it). But Mastercard could choose to follow FinCEN guidance if they wanted to.