Democratic Sen. Ron Wyden of Oregon introduced the appropriately-named bill S. 420 on Thursday, that would legalize and regulate marijuana on a federal level. The Marijuana Revenue and Regulation Act, introduced into the Senate Finance Committee, of which Wyden is the Ranking Member, seeks to de-schedule marijuana by removing it from the Controlled Substances Act (CSA), establish a federal excise tax on legal sales and create a system of permits for businesses to engage in cannabis commerce. On Twitter Friday, Wyden called the federal prohibition of marijuana wrong and said his bill would “bring our country’s marijuana policies into the 21st century.” “Too many lives have been wasted and too many economic opportunities have been missed,” the senator tweeted Friday.