House Budget Proposal Could Block Implementation of SAB 121
CryptoNewsTerminal Staff05 Jun, 2024
House Budget Proposal Could Block Implementation of SAB 121
Fox Business reporter Eleanor Terrett thinks the upcoming U.S. House budget proposal might block the implementation of the accounting guidance (SAB 121) for crypto asset custody by financial institutions. Terrett reported on X that "a policy rider in the bill would bar the Securities and Exchange Commission from using any of its funding to implement SAB 121. It would also set the agency’s budget for the next fiscal year at $2 billion, which is less than the $2.59 billion that SEC Chairman Gary Gensler requested earlier this year. The budget would also cut funding for the SEC’s fast-growing enforcement division by $168 million." On the positive side, the Senate recently passed a bipartisan resolution to nullify SAB 121. The House bill will now head to the Senate.
