Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121".
Sponsored by Mike Flood
The Chair directed the Clerk to notify the Senate of the action of the House.
Jul 11, 2024
This joint resolution nullifies Staff Accounting Bulletin No. 121, an accounting and disclosure guidance issued by the Securities and Exchange Commission on March 31, 2022. The bulletin addresses how entities should account for and disclose their obligations to safeguard cryptoassets held on behalf of platform users. The Government Accountability Office determined in October 2023 that this bulletin qualifies as a rule subject to the Congressional Review Act, which allows Congress to overturn agency rules.
AI summaries currently cover bills with verified final-passage votes.
This joint resolution nullifies the rule issued by the Securities and Exchange Commission on March 31, 2022, titled Staff Accounting Bulletin No. 121 . This bulletin provides accounting and disclosure guidance for entities related to their obligations to safeguard cryptoassets held for users of its platform. A letter of opinion from the Government Accountability Office dated October 31, 2023, titled Securities and Exchange Commission—Applicability of the Congressional Review Act to Staff Accounting Bulletin No. 121 concluded that this bulletin is a rule for purposes of the Congressional Review Act.