The US House of Representatives passed the FUTURES Act with a vote of 417 to 7. The legislation requires financial regulators, including the Federal Reserve, the Consumer Financial Protection Bureau, and the Federal Deposit Insurance Corp., to submit assessments of their current technical capabilities to Congress.
The bill aims to identify procurement barriers, talent gaps, and technological blind spots within these agencies. Regulators must develop plans to address identified deficiencies and conduct follow-up reviews every five years. Co-sponsors Marlin Stutzman and Bill Foster highlighted the need for modernization to keep pace with digital financial risks.
Foster noted that the 2023 banking failures underscored how 24-hour digital tools and social media can accelerate bank runs. He added that emerging technologies like agentic commerce introduce new cybersecurity threats that could destabilize the financial system. The bill seeks to apply standards similar to those already required of banks.
In separate legislative news, the Clarity Act was defeated in the Senate after over a year of negotiations. The prospects for that bill remain limited as midterm elections approach. A prior report from PYMNTS Intelligence indicated that regulatory frameworks will be a primary factor in the future evolution of blockchain technology.
