H.R. 10399: Currency Options, Information, and Navigation Act

This bill would require the Small Business Administration (SBA) to create and maintain free online educational materials for small businesses about digital assets (a term that includes cryptocurrencies and related digital financial products, as defined elsewhere in federal law).

What the SBA would have to do

Within 180 days after the bill becomes law, the SBA Administrator would have to set up educational resources and training modules on the SBA’s existing online learning platform. These materials would be made publicly available and aimed at helping small businesses understand digital assets.

What the materials would cover

The educational content would, as much as practicable, explain:

• the potential benefits and risks of using digital assets in a small business, including tax issues and security risks;
• how to reduce security risks when using digital assets;
• whether to use a third-party vendor for digital asset transactions, including how to compare fees, processing time, settlement time, compliance issues, risk, reporting requirements, and other features;
• how digital asset payment gateways work and what supporting infrastructure customers may need to use them; and
• the differences among types of digital assets, including stablecoins, and the specific risks tied to each type.

How the SBA would develop the information

The bill would require the SBA to try to keep the information accurate and current by consulting with several federal agencies and experts, including the National Institute of Standards and Technology, the Departments of Commerce and the Treasury, the Federal Reserve, banking regulators, the SEC, the CFTC, and others as needed.

The SBA would also have to create an Advisory Working Group to help identify relevant information and recommend what should be included. The group would include representatives or experts from areas such as:

• financial crime enforcement;
• digital asset taxation;
• the private sector and academia;
• organizations focused on digital asset reliability, security, transparency, and illegal-use prevention;
• small business outreach;
• consumer advocacy;
• investor advocacy; and
• fraud and scam prevention related to digital assets.

How the SBA would present and share the materials

The bill says the information should be practical and easy for small businesses to understand. It also says the materials should not favor any specific digital asset model or tool made by a particular company or group.

The SBA would be encouraged to use existing information from resource partners, consumer advocates, and investor advocates, and it would coordinate with resource partners to make small businesses aware of the materials.

Cost and legal effect

The bill says no new funding is authorized to carry it out, so the SBA would have to implement it within existing resources.

Relevant Companies

None found