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Adds a new subsection (c) titled 'LabCFTC' to Section 18 of the Commodity Exchange Act establishing LabCFTC, defining its purposes, creating a Director (appointed by the Commission and reporting directly to the Commission), enumerating duties, requiring annual reports to specified Congressional committees with confidentiality requirements, and imposing recordkeeping and engagement obligations on the Commission.
Makes two textual edits to 7 U.S.C. 2(a)(6)(A): strikes the phrase 'paragraph and in' and replaces it with 'paragraph,' and inserts additional text before a period at a specified location (exact inserted text is not provided in this section).
Adds a new subsection (k) to 15 U.S.C. 78d establishing the Strategic Hub for Innovation and Financial Technology (FinHub), specifying its membership, responsibilities, and annual reporting requirements.
Creates two dedicated fintech innovation offices inside the federal securities and derivatives regulators: a Strategic Hub for Innovation and Financial Technology (FinHub) at the SEC and LabCFTC at the CFTC. Each office must be established within 180 days, will study and engage with emerging financial technologies, provide education and outreach, advise its Commission, and produce annual reports for congressional review.
FinHub must produce non-confidential annual reports to the SEC that are included in the SEC’s report to Congress. LabCFTC will be led by a Director appointed by the CFTC, keep records of engagements, advise the Commission, and begin annual reporting to certain congressional committees after 2025. The law sets duties, timelines, and reporting requirements but does not specify new appropriations.
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced June 3, 2025 by Frank D. Lucas · Last progress June 3, 2025
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House