The civic record
Read. Follow. Verify.Resolution to Overturn SEC Accounting Rule for Crypto Assets
Record date · July 11, 2024
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What This Bill Would Do
This resolution seeks to invalidate a Securities and Exchange Commission (SEC) accounting bulletin that requires companies to list customer-held digital assets on their own s. If passed, this rule would no longer have any legal force or effect.
The resolution directly impacts how financial institutions and crypto-custody firms report digital assets, potentially changing the capital requirements and transparency for companies holding cryptocurrency for customers.
- Staff Accounting Bulletin No. 121 was issued by the SEC in 2022 to provide guidance on the accounting for obligations to safeguard crypto-assets held for platform users. context
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
Financial institutions holding digital assets
These entities would no longer be required to follow the accounting treatment mandated by the bulletin if it is overturned.
Securities and Exchange Commission
The agency's regulatory guidance would be invalidated by this congressional action.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
What is Staff Accounting Bulletin No. 121?
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Votes, people, money & the original sourceWhere This Stands
Currently filed. The next step in the legislative lifecycle is Committee.
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
60 Plus Association
2026
“Signed a coalition letter opposing any efforts to raise the corporate tax rate above the 21% level set in the 2017 Tax Cuts and Jobs Act (TCJA). Signed a coalition in support of the Family Business Legacy Act, H.R. 6329. This legislation creates parity in the tax code between the estate and gift taxes by allowing an estate tax deduction for contributions to 501(c)(4), (c)(5), and (c)(6) organizations. Signed a coalition letter urging opposition to proposals that would raise taxes on carried interest investment income.The letter is urging Congress to reject the misnamed Carried Interest Fairness Act, legislation recently reintroduced by Senators Tammy Baldwin, Elizabeth Warren, Bernie Sanders, and other progressive members of Congress. This legislation that would increase the tax rate on carried interest investment by 70%, from 23.8% to 40.8%. Signed a coalition letter in support of H.R.574 - ALIGN Act and highlight the 100% bonus depreciation provision's importance as the tax cut reauthorization efforts continue. Signed a coalition to support of repealing IRA's green new deal subsidies in reconciliation to pay for tax cuts. Signed a coalition letter regarding digital services taxes (DST) in an effort to stop Canadas imposition of a discriminatory digital services tax (DST) on U.S. firms and your efforts to include restrictions on the imposition of DSTs and other unfair digital policies in recently announced trade agreements-providing a model for future trade negotiations. Signed a coalition letter urging the President to index capital gains for inflation.”
ILLINOIS ASSOCIATION OF SCHOOL BOARDS
ENVIRONMENTAL LAW AND POLICY CENTER
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Congressional Review Act Usage
The resolution relies on a formal GAO opinion to trigger the Congressional Review Act process, highlighting a procedural strategy to bypass standard rulemaking challenges.
Connected Entities
Sources
www.congress.gov
Analysis Score
0–100- Significance85How much this matters to a regular citizen
- Controversy80Intensity of disagreement among stakeholders
- Entertainment20Compellingness for a non-policy-wonk reader
- Buzz60Current news / social attention level
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