The Psychotropic Substances Act modified the existing schedule, but left other acts in tact - those other acts are the ones being modified by this nonsense circus.
https://en.wikipedia.org/wiki/Comprehensive_Drug_Abuse_Preve... The above is a "DEA" schedule of drug classifications that the government can play around with and bullshit us on. Many of Cannabis schedules have already been reduced based on specific compounds of THC under other treaties enacted before the 1978 alignment from above. These domestic rescheduling may have an affect on legal charges or banking, but cannot address the overarching classifier of Schedule 1 drugs which is the UN based on the 1st link.
So, you're acknowledging that changes to legal charges, banking capabilities and so forth are benefits that come from this reclassification, but you're also calling this change "utter bullshit" and a "red herring"?
Banking, isn't necessarily limited by the UN treaties - but since huge amounts of cash are flowing into cannabis businesses that are unbanked, it means Wall Street is without a massive influx of investment capital and return opportunities. Allowing the DEA to make changes to a schedule may help remove domestic barriers so banks can capture what they don't directly control.