This bill formally establishes two innovation offices within federal financial regulators: the Strategic Hub for Innovation and Financial Technology at the Securities and Exchange Commission and LabCFTC at the Commodity Futures Trading Commission. Both offices would be led by directors appointed by their respective agencies and would work to promote responsible financial technology innovation, educate regulators about emerging technologies, advise on rulemaking, and provide guidance to technology companies navigating federal financial regulations. The legislation requires both offices to submit annual reports to Congress by October 31 each year starting in 2025, detailing their meetings with industry participants, issues discussed, and recommendations for regulatory or legislative changes. The SEC and CFTC must implement these offices within 180 days of the bill's enactment. This bill essentially codifies offices that already exist administratively, giving them permanent legal status and establishing their formal duties and reporting requirements.
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