A joint resolution 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".
USA118th CongressSJRES-59| Senate
| Updated: 2/1/2024
Cynthia M. Lummis
Republican Senator
Wyoming
Cosponsors (14)
Tommy Tuberville (Republican)Mike Braun (Republican)Roger Marshall (Republican)J. D. Vance (Republican)Marsha Blackburn (Republican)John Boozman (Republican)Mike Rounds (Republican)Ted Cruz (Republican)Kevin Cramer (Republican)Bill Hagerty (Republican)John Barrasso (Republican)Pete Ricketts (Republican)Steve Daines (Republican)Ted Budd (Republican)
Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Latest Companion Bill Action
HJRES 118-109The Chair directed the Clerk to notify the Senate of the action of the House.
Finance and Financial Sector
Administrative law and regulatory proceduresCongressional-executive branch relationsCongressional oversightSecurities and Exchange Commission (SEC)
A joint resolution 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".
USA118th CongressSJRES-59| Senate
| Updated: 2/1/2024
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.
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Latest Companion Bill Action
HJRES 118-109The Chair directed the Clerk to notify the Senate of the action of the House.
Cynthia M. Lummis
Republican Senator
Wyoming
Cosponsors (14)
Tommy Tuberville (Republican)Mike Braun (Republican)Roger Marshall (Republican)J. D. Vance (Republican)Marsha Blackburn (Republican)John Boozman (Republican)Mike Rounds (Republican)Ted Cruz (Republican)Kevin Cramer (Republican)Bill Hagerty (Republican)John Barrasso (Republican)Pete Ricketts (Republican)Steve Daines (Republican)Ted Budd (Republican)
Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresCongressional-executive branch relationsCongressional oversightSecurities and Exchange Commission (SEC)