Congressional Watchdog Says SEC Needs Lawmaker Approval Before Moving Forward With Controversial Bulletin

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Today’s Cryptocurrency Headline

The Government Accountability Office said guidance from the Securities and Exchange Commission on how firms should account for holding crypto needs to, by law, go in front of Congress before it can become effective.The SEC’s Staff Accounting Bulletin No. 121, or SAB 121, was issued in March 2022 and requires firms that custody crypto to record customer crypto holdings as liabilities on their balance sheets. The bulletin is subject to the Congressional Review Act, which requires that before a rule can go into effect, agencies have to submit a report on the rule to Congress, the congressional watchdog said on Tuesday. The CRA, enacted in 1996, aims to bolster congressional oversight of agency rulemaking. Congress would then have the ability to review and disapprove the rules over a 60 day stretch, according to the GAO. “We conclude the Bulletin is a rule for purposes of CRA because it meets the APA [Administrative Procedures Act] definition of a rule, and no exceptions apply. Therefore, the Bulletin is subject to the requirement that it be submitted to Congress,” GAO said on Tuesday. The SEC said the bulletin was not subject to the CRA because it didn’t meet the definition of a rule, according to the GAO. 

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin price surged by 26.5% in October and several indicators hit a one-year high, including the BTC futures premium and the Grayscale GBTC discount. This is undoubtedly a great month for investors. However, it is worth considering how long we still have to wait for the passage of the ETF. It is also important to closely monitor when to exit the bet on the ETF. In any case, long-term investors can continue to patiently hold their positions.The support level is at $33,900 and the resistance level is at $34,800.

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