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A bill that seeks to foster fintech innovations was approved by the House Financial Services Committee this week.
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The bill is called the Securing Innovation in Financial Regulation Act (H.R. 3690), which seeks to codify the Office of the Strategic Hub for Innovation and Financial Technology at the Securities and Exchange Commission (SEC) and the LabCFTC at the Commodity Futures Trading Commission (CFTC).
“A theme that I continue to hear – from everyone from industry experts to farmers and ranchers – is the need for regulatory clarity in the digital assets market to encourage innovation and stay competitive globally. That’s why my bill, the Securing Innovation in Financial Regulation Act, codifies Lab CFTC and the SEC’s FinHub. Both of these offices will make the Commissions more accessible to market participants and foster FinTech innovation,” U.S. Rep. Frank Lucas (R-OK), the bill’s sponsor, said. “As we continue to advance President Trump’s effort to make America the “crypto capital of the world”, I am glad to see my bill take an important step in realizing that goal.”
The Office of the Strategic Hub for Innovation and Financial Technology (FinHub) serves as a hub for issues and initiatives related to innovations in financial technology (FinTech). Specifically, the
FinHub provides subject matter expertise and technical assistance to support the agency’s oversight of emerging financial technologies across numerous areas, including artificial intelligence/machine learning, quantum computing, distributed ledger technology/blockchain and digital/crypto assets, automated investment advice, and digital marketplace financing.
LabCFTC is aimed at promoting responsible fintech innovation to improve the quality, resiliency, and competitiveness of the markets that CFTC oversees. It seeks to make CFTC more accessible to fintech innovators and serve as a platform to inform the CFTC’s understanding of new technologies.
Lucas’s bill, which has bipartisan support, was included in the CLARITY Act. The legislation now moves to the full House for consideration.
