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".

How it moves voter issues

• −1Consumer protection

  Removes disclosure and balance-sheet guidance meant to protect customers whose crypto is held by platforms.

  Low confidence

  AI score: −1 from claude-opus-5-5. Compare the models

• +1AI & tech

  Nullifies SEC guidance that made it costly for banks and platforms to hold customers' crypto.

  Medium confidence · direction only, not good or bad

  AI score: +1 from claude-opus-5-5. Compare the models

What it does

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.

Summary by the Congressional Research Service, passed senate version.

Every recorded vote on it

1. May 8, 2024House On PassageProviding 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”228 yea 182 nayCounts toward rankings
2. May 16, 2024Senate On the Joint ResolutionA 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".60 yea 38 nayCounts toward rankings
3. Jul 11, 2024House Passage, Objections of the President To The Contrary NotwithstandingProviding 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”228 yea 184 nayCounts toward rankings