Dora Drake
By Senator Dora Drake
Senate Democratic Caucus Vice Chair
Chair of the Wisconsin Legislative Black Caucus
This year’s theme of Black History Month is African Americans and Labor. Whether it was captive Africans who did agricultural labor, those who organized labor movements, or focused on self-help opportunities through entrepreneurship, African Americans have always used labor and innovation to pursue economic and social justice. And as we continue to pursue justice, we must address the shifts we are witnessing, one of which is cryptocurrency.
I believe many people do not trust cryptocurrency due to various changes in the market and a lack of education in this industry. A 2024 Pew Research Survey and Analysis confirms these sentiments as 63% of Americans are not confident in the reliability and safety of cryptocurrency, and yet the market continues to expand without opportunities for education or pathways to capitalize on the emerging market. We have seen the recent headlines of billionaires such as Elon Musk, who one can argue has used this new technology in unethical measures. And in Wisconsin, there are increased cases of fraud due to scammers using AI (artificial intelligence) to create a voice that sounds like you to convince a loved one, such as your grandmother, to send funds by way of a cryptocurrency payment.
However, the other side of this coin is that cryptocurrency is growing not just in Wisconsin, but around the world. Our state was the first in the nation to invest in Bitcoin, a form of cryptocurrency, into our pension system. Just this week, a call was made by several Congressional leaders stating this issue must be nonpartisan and that there is a growing labor market seeking individuals for these job opportunities that do not require a college degree.
I believe we need to seek information to get a better understanding. Avoiding this growing market does not address the problem; education does. This is why, myself, State Representative Russell Goodwin, along with the Milky Way Tech Hub and the TwentyOneSociety, will be introducing the WIN Bill for Wisconsin. The WIN Bill will increase financial literacy and technological innovation around cryptocurrency by creating a pilot program focused on the education of cryptocurrency for the public. It also provides education and additional assistance to entrepreneurs who want to invest and for small businesses to accept cryptocurrency as a form of payment. This bill will also work to establish guardrails to protect our consumers by allowing businesses to test and review new products.
Cryptocurrency is here to stay, and we must seize this moment to create more economic opportunities in our community. The WIN Bill is one of many first steps to ensure Wisconsin can compete on a global scale by supporting innovation and economic justice that workers and entrepreneurs alike will benefit from.