Congress quietly opens a private fintech lobby channel inside the SEC
H.R. 3690 — Securing Innovation in Financial Regulation Act · Filed by Frank Lucas (R-OK) · Introduced Jun 3, 2025 · Referred to committee
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What it does
This bill creates two new regulatory committees—FinHub at the SEC and LabCFTC at the CFTC—to engage with financial technology companies, provide them information about regulatory rules, and facilitate dialogue between regulators and fintech innovators. Both committees will issue annual reports on their engagement activities, though reports will exclude confidential business information.
Why we flagged it
The bill's functional purpose is to establish formal, institutionalized channels for financial technology companies to engage with and influence SEC and CFTC rulemaking, framed as 'innovation support' but operationally a regulatory-capture mechanism.
What the text implies
- Confidentiality provisions shield fintech company concerns and regulatory feedback from public scrutiny, creating a private regulatory dialogue invisible to Congress and citizens.
- Annual reports exclude 'confidential information,' meaning the public cannot see what specific regulatory requests or complaints fintech firms raised, undermining democratic accountability.
The full analysis lists 5 implications of this text.
Who stands to gain
large financial technology companies; cryptocurrency and blockchain firms; fintech startups seeking regulatory clarity