The upcoming House appropriations budget could prevent the Securities Exchange Commission from implementing its controversial Employee Accounting Bulletin 121 (SAB 121). Eleanor Terrett, a FOX business correspondent who covered the news on June 4, said the bill would prohibit the SEC from using appropriations to implement the rule. Appropriations allow agencies to take on debt and make payments from the US Treasury for intended purposes.
A policy rider in the budget states: The Securities Exchange Commission is prohibited from implementing or enforcing Accounting Proclamation 121, which implements harmful digital asset requirements. It is unclear whether the budget will pass in its current form. The current Republican-majority House of Representatives is likely to pass the appropriations bill at a hearing on June 5. However, the Democratic and Independent-majority Senate will need to negotiate its own appropriations bill with the House bill.
Terrett said Democrats supported an earlier resolution with the same goal, HJ Res. 109, which means the Senate is likely to keep the rider in the budget. The bill aims to provide the SEC with a total of $2 billion by 2025, rather than the $2.59 billion requested by SEC Chairperson Gary Gensler.
The US House Appropriations Budget seeks to prevent the SEC from implementing SAB 121
2024-06-04 23:39:57
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