Sec. 3. Codification of LabCFTC
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Section 18 of the Commodity Exchange Act ( 7 U.S.C. 22 ) is amended by adding at the end the following: There is established in the Commission LabCFTC. The purposes of LabCFTC are to— promote responsible financial technology innovation and fair competition for the benefit of the American public; serve as an information platform to inform the Commission about new financial technology innovation; and provide outreach to financial technology innovators to discuss their innovations and the regulatory framework established by this Act and the regulations promulgated thereunder.
LabCFTC shall have a Director, who shall be appointed by the Commission and serve at the pleasure of the Commission. Notwithstanding section 2(a)(6)(A), the Director shall report directly to the Commission and perform such functions and duties as the Commission may prescribe. LabCFTC shall— advise the Commission with respect to rulemakings or other agency or staff action regarding financial technology; provide internal education and training to the Commission regarding financial technology; advise the Commission regarding financial technology that would bolster the Commission’s oversight functions; engage with academia, students, and professionals on financial technology issues, ideas, and technology relevant to activities under this Act; provide persons working in emerging technology fields with information on the Commission, its rules and regulations, and the role of a registered futures association; and encourage persons working in emerging technology fields to engage with the Commission and obtain feedback from the Commission on potential regulatory issues.
Not later than October 31 of each year after 2025, LabCFTC shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report on its activities. Each report required under paragraph
(1)shall include— the total number of persons that met with LabCFTC; a summary of general issues discussed during meetings with the person; information on steps LabCFTC has taken to improve Commission services, including responsiveness to the concerns of persons; recommendations made to the Commission with respect to the regulations, guidance, and orders of the Commission and such legislative actions as may be appropriate; and any other information determined appropriate by the Director of LabCFTC. A report under paragraph
(A)shall abide by the confidentiality requirements in section 8. The Commission shall— maintain systems of records to track engagements with the public through LabCFTC; store communications and materials received in connection with any such engagement in accordance with Commission policies and procedures on data retention and confidentiality; and take reasonable steps to protect any confidential or proprietary information received through LabCFTC engagement. . Section 2(a)(6)(A) of such Act ( 7 U.S.C. 2(a)(6)(A) ) is amended— by striking paragraph and in and inserting paragraph, ; and by inserting and section 18(c)(3), before the executive . The Commodity Futures Trading Commission shall implement the amendments made by this section (including complying with section 18(c)(7) of the Commodity Exchange Act) within 180 days after the date of the enactment of this Act.
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