An upcoming House Appropriation budget could prevent the US SEC from implementing its controversial Staff Accounting Bulletin 121 (SAB 121).
FOX Business reporter Eleanor Terrett, who reported the news on June 4, said the bill will prohibit the SEC from using appropriated funds to implement the rule. Appropriations allow agencies to incur obligations and make payments from the US Treasury for set purposes.
One policy rider in the budget states:
“Prohibits the SEC from implementing or enforcing Staff Accounting Bulletin No. 121, which implements harmful digital asset requirements.”
It is unclear whether the budget will succeed in its current form. The House, which currently has a Republican majority, will likely pass the appropriation bill in a June 5 hearing. However, the Senate, which has a Democratic and Independent majority, will need to negotiate its own appropriation bill against the House’s.
According to Terret, Democratic support for an earlier resolution with the same goa
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