Rep. Lucas’ Financial Innovation Bill Passes out of Committee
Washington, DC – Congressman Frank D. Lucas (OK-03) saw his bill, H.R. 3690, pass out of the House Financial Services Committee and advance to the House floor.
The Securing Innovation in Financial Regulation Act 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,” said Congressman Lucas. “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 bipartisan legislation was included in the CLARITY Act, which advances
American innovation and reinforces America’s leadership in the global financial system. Congressman Lucas’s bill passed out of the House in the 118th Congress as part of the Financial Innovation and Technology for the 21st Century Act.
BACKGROUND:
The CLARITY Act:
- Restores confidence, encourages innovation, and keeps businesses in the United States.
- Addresses regulatory challenges by establishing a clear framework for digital asset markets and closing the current regulatory gaps.
- Includes the Securing Innovation in Financial Regulation Act in Sections 503 and 504 of the bill.
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