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Congressional Disapproval of SEC Rule on Digital Asset Accounting (SAB 121)

This joint resolution aims to nullify a rule issued by the Securities and Exchange Commission (SEC), known as Staff Accounting Bulletin No. 121 (SAB 121). SAB 121 dictates how financial institutions must account for digital assets, like cryptocurrencies, held on behalf of customers. If passed, the SEC rule will have no force or effect, potentially altering how banks manage risks associated with digital assets and possibly making it easier for them to offer crypto custody services.
Key points
The resolution seeks to completely disapprove and void the SEC's accounting rule (SAB 121) for digital assets.
Nullifying the rule could change how banks and financial firms treat customer cryptocurrencies on their balance sheets.
This change may impact the availability and cost of crypto custody services offered by traditional financial institutions.
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Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_SJRES_59
Sponsor: Sen. Lummis, Cynthia M. [R-WY]
Process start date: 2024-02-01
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_SJRES_59.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-02-01.

What are the main provisions?

Key points include:

  • The resolution seeks to completely disapprove and void the SEC's accounting rule (SAB 121) for digital assets.
  • Nullifying the rule could change how banks and financial firms treat customer cryptocurrencies on their balance sheets.
  • This change may impact the availability and cost of crypto custody services offered by traditional financial institutions.
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

Who is the primary sponsor?

The primary sponsor is Sen. Lummis, Cynthia M. [R-WY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy