HR-3690 : Still Just a Bill

The "Securing Innovation in Financial Regulation Act" or H.R. 3690 aims to codify innovation hubs within the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC):

• Strategic Hub for Innovation and Financial Technology (FinHub) at the SEC:
  • Mandates the establishment of FinHub within 180 days of the Act's enactment.
  • FinHub will serve as a resource for the SEC on emerging financial technologies.
  • It will engage with market participants and facilitate communication between the SEC and businesses in the financial technology sector.
  • FinHub is required to provide an annual summary of its activities to the Commission, which will be included in the SEC's annual report to Congress.
• LabCFTC at the CFTC:
  • Establishes LabCFTC within the Commodity Futures Trading Commission (CFTC).
  • Aims to promote responsible financial technology innovation and fair competition.
  • LabCFTC will act as an information platform and provide outreach to financial technology innovators.
  • It will have a Director appointed by the Commission, who will report directly to the Commission.
  • LabCFTC is required to submit an annual report to Congress on its activities, including the number of meetings, issues discussed, and recommendations made.

In summary, the bill seeks to formalize and strengthen the SEC and CFTC's efforts to engage with and understand emerging financial technologies by codifying their respective innovation hubs.