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Resolution to Overturn SEC Accounting Rule for Crypto Assets

Original title: 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".

Record date · July 11, 2024

Introduced
Committee
Floor Vote
Passed

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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.

Why it matters

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.

Background
  • 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.

Directly affected

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.

Directly affected

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?
It is an SEC guidance document that directs companies to record digital assets they hold for customers as liabilities on their own s.
What does this resolution do?
It uses the Congressional Review Act to nullify the SEC bulletin, preventing it from being enforced.

What else do you want to know?

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Where 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

TAXATION/INTERNAL REVENUE CODEENVIRONMENT/SUPERFUNDCOPYRIGHT/PATENT/TRADEMARKHEALTH ISSUES

“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.”

Senate LDAMatched on title words onlyView filing on LDA.gov →

ILLINOIS ASSOCIATION OF SCHOOL BOARDS

$30,000
Senate LDAMatched on title words onlyView filing on LDA.gov →

ENVIRONMENTAL LAW AND POLICY CENTER

Senate LDAMatched on title words onlyView filing on LDA.gov →

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

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

chapter 8 of title 5, Securities and Exchange Commission, United States Code and 1 more
bill numberchapter 8 of title 5“The specific section of the U.S. Code used for congressional disapproval.”Map →
OrganizationSecurities and Exchange Commission“The agency that issued the rule being challenged.”Map →
otherUnited States Code“The legal code governing the congressional review process.”Map →
otherStaff Accounting Bulletin No. 121“The specific SEC rule under review.”Map →

Sources

Open source document

www.congress.gov

Analysis Score

0–100
  • Significance85
    How much this matters to a regular citizen
  • Controversy80
    Intensity of disagreement among stakeholders
  • Entertainment20
    Compellingness for a non-policy-wonk reader
  • Buzz60
    Current news / social attention level

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