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Background. Brain–machine interfaces (BMIs) offer users the ability to directly communicate with digital devices through neural signals decoded with machine learning (ML)-based algorithms. Spiking Neural Networks (SNNs) are a type of Artificial Neural Network (ANN) that operate on neural spikes instead of continuous scalar outputs. Compared to traditional ANNs, SNNs perform fewer computations, use less memory, and mimic biological neurons better. However, SNNs only retain information for short durations, limiting their ability to capture long-term dependencies in time-variant data. Here, we propose a novel spike-weighted SNN with spiking long short-term memory (swSNN-SLSTM) for a regression problem. Spike-weighting captures neuronal firing rate instead of membrane potential, and the SLSTM layer captures long-term dependencies. Methods. We compared the performance of various ML algorithms during decoding directional movements, using a dataset of microelectrode recordings from a macaque during a directional joystick task, and also an open-source dataset. We thus quantified how swSNN-SLSTM performed compared to existing ML models: an unscented Kalman filter, LSTM-based ANN, and membrane-based SNN techniques. Result. The proposed swSNN-SLSTM outperforms both the unscented Kalman filter, the LSTM-based ANN, and the membrane based SNN technique. This shows that incorporating SLSTM can better capture long-term dependencies within neural data. Also, our proposed swSNN-SLSTM algorithm shows promise in reducing power consumption and lowering heat dissipation in implanted BMIs. [ABSTRACT FROM AUTHOR]