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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.
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55%
VOTING RESULTS
2024-07-11
For 228
Against 184
Abstain 0
Full voting results open_in_new
gavel
Status:
Expired
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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
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy