A recent proposal for governing frontier artificial intelligence (AI) through a federally supervised self-regulatory organization (SRO) akin to the Financial Industry Regulatory Authority (FINRA) has gained momentum. In April, the idea was first proposed; in June, Anthropic, OpenAI, and Google each published frameworks for federal AI governance, with Google adopting the FINRA structure as a "FARO." In July, Google DeepMind CEO Demis Hassabis called for an industry-funded, FINRA-style standards body, and Bloomberg reported that Treasury Secretary Scott Bessent helped develop a proposal for an independent frontier AI regulator modeled on FINRA, reporting to the Securities and Exchange Commission (SEC), now under review by White House Chief of Staff Susie Wiles. This formal regime would replace the ad hoc approach seen when the Commerce Department imposed export controls on Anthropic's Fable 5 and the White House pressured OpenAI, restrictions later lifted through informal negotiations. An SRO is a private industry body that writes and enforces rules under government supervision, with mandatory membership, industry funding, and a supervising agency. Congress has used this model for futures trading, grid reliability, and horse racing. The key question is how to build one, as proposals have said little about institutional details. The primary critiques—industry capture or stifling regulation—are best addressed through careful design of the SRO's governance and its relationship with the supervising agency. All frontier AI developers would be bound by the SRO's rules, though not