Foreign media: U.S. House of Representatives budget aims to prevent SEC from implementing SAB 121

The upcoming House appropriations budget could prevent the SEC from implementing its controversial Staff Accounting Bulletin 121 (SAB 121). FOX Business reporter Eleanor Terrett said the bill would prohibit the SEC from using appropriations to implement the rule. Appropriations allow agencies to incur debt and receive payments from the U.S. Treasury for a stated purpose. A policy rider in the budget states that the SEC is prohibited from implementing or enforcing Accounting Bulletin 121, which imposes harmful digital asset requirements. It is unclear whether the budget will pass in its current form. The Republican-controlled House is likely to pass the appropriations bill at a hearing on June 5. However, the Senate, which is dominated by Democrats and independents, will need to negotiate its own appropriations bill with the House bill. Terrett said Democratic support for an earlier resolution with the same goal, H.J. Res. 109, means the Senate is likely to keep the rider in the budget. The bill seeks to provide the SEC with a total of $2 billion in funding by 2025, rather than the $2.59 billion requested by SEC Chairman Gary Gensler. (Cryptoslate)