Bill > HJRes109

This Joint Resolution disapproves a rule issued by the Securities and Exchange Commission (SEC), referred to as Staff Accounting Bulletin No. 121 (SAB 121), which concerns how companies that hold digital assets, like cryptocurrencies, should account for them on their balance sheets. The resolution uses a process called "congressional disapproval" under Chapter 8 of Title 5 of the U.S. Code, which allows Congress to overturn certain regulations issued by federal agencies. The Government Accountability Office (GAO), an independent government watchdog, previously determined that SAB 121 should be treated as a formal rule, making it subject to this disapproval process. By passing this resolution, Congress is stating that SAB 121 should not be enforced and will have no legal effect.