Congresswoman Scholten Introduces COIN Act to Help Small Businesses Evaluate Uses of Digital Assets
WASHINGTON, DC – This week, Congresswoman Hillary Scholten (D-MI-03), member of the House Small Business Committee, introduced the Currency Options, Information, and Navigation (COIN) Act. This legislation would direct the Small Business Administration (SBA) to create learning modules to help small businesses learn how to evaluate the use of digital assets, such as cryptocurrency, for their operations. According to PayPal, 39 percent of American merchants currently accept cryptocurrency at checkout, and 84 percent believe payments using cryptocurrency will become common within the next five years.
“Small businesses keep our state and country running, but too many owners are being asked to navigate rapidly changing technology without clear, reliable guidance or learning opportunities,” said Congresswoman Scholten. “Digital assets like cryptocurrency are becoming more and more common at checkout counters, which is why I’m proud to introduce the COIN Act to make sure Main Street businesses have what they need to adapt and succeed.”
The bill requires these learning modules to be made with detailed information on the benefits and drawbacks of digital assets, and would provide entrepreneurs information on the logistics involving this technology, including tax implications and security risks if they choose to adopt any kind of digital asset. Additionally, this bill directs the SBA Administrator to work with relevant agencies to achieve accuracy in the information provided, with the goal of creating a comprehensive resource for small businesses. Finally, the bill establishes an Advisory Working Group made up of members from academia, industry, and financial consumer advocates to inform the creation of these learning modules.
This bill reflects the Congresswoman’s ongoing efforts to support small business owners in Michigan and across the country. Earlier this year, Congresswoman Scholten’s bipartisan Investing in All of America Act was signed into law, and her Main Street Competes Act, AI WISE Act, and AI for Main Street Actall passed the House.
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