The record

LegislationLegislation· Jul 2024
H.J.Res. 109 Vetoed

Sponsored by Mike Flood (R)

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".

Would have blocked SEC accounting guidance on how companies report crypto they hold for users.

Tradeoff

Would have overturned Securities and Exchange Commission (SEC) guidance on how crypto platforms account for customer assets. Would have treated that guidance as a rule under the Congressional Review Act (CRA), as the Government Accountability Office (GAO) concluded.

What's in it

See official bill text

The House passed the resolution 228-182 on May 8, 2024. The Senate passed it 60-38 on May 16, 2024. A later House vote on July 11, 2024 failed 228-184. The bill was vetoed.

  1. House

    Introduced

    (Feb 1, 2024)

  2. House

    Committee on Financial Services(Feb 1, 2024)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 31 - 19(Feb 29, 2024)

    Committee report H. Rept. 118-480.

  4. House

    Passage of the bill

    Passed(Roll #189 · May 8, 2024)

    228 yeanay 182

  5. Senate

    Received from the House

    Received(May 9, 2024)

  6. Senate

    On the Joint Resolution

    Joint Resolution Passed(Roll #169 · May 16, 2024)

    60 yeanay 38

  7. House

    Sent to the President

    (May 23, 2024)

  8. House

    Passage, Objections of the President To The Contrary Notwithstanding

    Failed(Roll #355 · Jul 11, 2024)

    228 yeanay 184

  9. White House

    Vetoed(Jul 11, 2024)

    Joe Biden (D)

Final passage· 118th Congress · 2023–2025