Proposed AI and cybersecurity legislation that passed the House: July 17, 2025 – July 24, 2025

You will notice several pieces of legislation that do not appear to directly apply to AI. However, most are banking, stock market, and related bills that specifically give AI-related firms an advantage, even when not expressly stated in the text of the bill.
Note too that many AI firms, including but hardly limited to OpenAI, have set themselves up as “small businesses” or “nonprofits.” As you read the dry, boring Securities and Exchange Commission legislation for small businesses, keep that in mind. Republican senators are not proposing this legislation to protect actual small business.
I am especially concerned since Mike Johnson rammed these through the house under suspension of rules!

July 22, 2025, passed House, referred to Senate: H.R.2384 – Financial Technology Protection Act of 2025. Congress.gov summary: This bill establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. The working group must study and report on terrorist and illicit use of digital assets and other related emerging technologies and develop proposals to improve anti-money laundering and counterterrorist financing efforts.
The working group terminates four years after the bill’s enactment or after the working group completes any ongoing activities, whichever is later.
In addition, the Department of the Treasury must (1) report on the potential use of digital assets and other emerging technologies by states, nonstate actors, and terrorist groups for the purpose of evading sanctions to threaten the national security of the United States; and (2) describe a strategy to mitigate and prevent this usage.
Referred to Senate Committee on Banking, Housing, and Urban Affairs.

July 22, 2025, passed House, referred to Senate: H.R.3339 – Equal Opportunity for All Investors Act of 2025. Congress.gov summary: This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. (Certain unregistered securities may only be offered to accredited investors.)
Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination must be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail, include methods to determine competency and knowledge in certain areas such as the disclosure requirements of different securities, and be administered by a registered national securities association and offered free of charge to the public.
Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.
Referred to the Committee on Banking, Housing, and Urban Affairs.

July 22, 2025, passed House, referred to Senate: H.R.3343 – Greenlighting Growth Act. Congress.gov summary: This bill limits the financial information an emerging growth company (EGC) must submit to the Securities and Exchange Commission. An EGC is a type of issuer that qualifies for reduced disclosures after its initial public offering (IPO) if its annual gross revenues are below a specific dollar amount. For example, an EGC must currently provide two years of financial statements after its IPO, rather than the three required for other companies.
Under the bill, an emerging growth company is not required to present certain financial statements from acquired companies. This applies to statements from the time period prior to the earliest audited period presented in connection with the EGC’s IPO. In addition, the bill provides that no issuer that was formerly an EGC is required to present financial statements older than its earliest audit performed in connection with its IPO.
Referred to the Committee on Banking, Housing, and Urban Affairs.
Alert: This bill appears to be a boondoggle for techbros and people like the Trumps. When Mike Johnson accepts the US Chamber of Commerce’s May 2025 markup and when the USCoC then puts their stamp of approval on the bill, you know it doesn’t favor the 99.8%.

July 22, 2025, passed House, referred to Senate: H.R.3351 – Improving Access to Small Business Information Act. Congress.gov summary: This bill excludes from the Paperwork Reduction Act actions taken by the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission. Under the Paperwork Reduction Act, agencies must comply with specific procedures when gathering information from the public.
The bill establishes several exceptions. For example, the office must inform the person receiving the collection of information the reasons the information is being collected, as required under current law.
Referred to the Committee on Banking, Housing, and Urban Affairs.

July 22, 2025, passed House, referred to Senate: H.R.3382 – Small Entity Update Act. Congress.gov summary: This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules. Specifically, the bill requires the SEC to evaluate the current definition of small entity with respect to SEC rules.
Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust for inflation every five years any dollar amounts used to define small entities.
The SEC must also revise the applicable rules to implement these recommendations.
Referred to the Committee on Banking, Housing, and Urban Affairs the same day.
Alert: As an old CFO, this bothers me. Small businesses generally are privately held. Any conglomerate that has dozens of small entities all under a single megacorporation umbrella, where that umbrella is publicly held, generally is up to no good. Often money laundering or fraud is involved in that setup.
I also worry about H.R.1450 for the same reasons. OFAC (Office of Foreign Assets Control) is one of the US’s primary defenses against money-laundering and fraud. I’m not thrilled to see it weakened as this House bill seems to do (allowing private companies to be licensed).

July 22, 2025, passed House, referred to Senate: H.R.3395 – Middle Market IPO Cost Act. Congress.gov summary: This bill requires the Government Accountability Office to study and report on the costs encountered by small- and medium-sized companies when undertaking initial public offerings.
Referred to the Committee on Banking, Housing, and Urban Affairs.

July 24, 2025, passed House, referred to Senate: H.R.3357 - Enhancing Multi-Class Share Disclosures Act. Congress.gov’s summary: This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.
Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.
Referred to the Committee on Banking, Housing, and Urban Affairs.

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