GAO: SEC Crypto Accounting Rule Should Have Faced Congressional Review
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GAO found SEC's Staff Accounting Bulletin 121 should be subject to congressional review under Congressional Review Act.
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The bulletin provides SEC staff's views on accounting for crypto assets held by platforms for users.
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SEC did not submit bulletin to Congress as required for agency rules under CRA.
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The bulletin has faced criticism from lawmakers and crypto community as harmful regulation.
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GAO report is recommendation; agencies often follow GAO recommendations.
