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Congress Rejects SEC Crypto Accounting Rule

The U.S. Congress has rejected a rule from the Securities and Exchange Commission (SEC) regarding how digital assets, like cryptocurrencies, should be accounted for. This means the SEC's original guidance on how companies should hold these assets will not take effect, potentially impacting how banks and other financial institutions manage digital currencies.
Key points
Congress overturned an SEC rule on digital asset accounting, potentially affecting banks and companies.
This decision may alter how financial institutions treat cryptocurrencies on their balance sheets.
article Official text account_balance Process page
VOTING RESULTS
2024-07-11
55%
For 228
Against 184
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HJRES_109
Sponsor: Rep. Flood, Mike [R-NE-1]
Process start date: 2024-02-01
Voting date: 2024-07-11
Meeting no: 2
Voting no: 355
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL 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".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_109.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-02-01.

What are the main provisions?

Key points include:

  • Congress overturned an SEC rule on digital asset accounting, potentially affecting banks and companies.
  • This decision may alter how financial institutions treat cryptocurrencies on their balance sheets.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Flood, Mike [R-NE-1].

What is the latest detailed status?

The latest detailed status is: The Chair directed the Clerk to notify the Senate of the action of the House.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy