SEC’s Crypto Guidance Subject to Congressional Review (1)

Cryptocurrency accounting guidance the SEC issued in 2022 is effectively an agency rule and subject to congressional oversight, the Government Accountability Office found in a report Tuesday.

The federal agency watchdog issued its determination in response to a request from Sen. Cynthia Lummis (R-Wyo.) as to whether the guidance, known as Staff Accounting Bulletin 121, should have been submitted to Congress for review like other Securities and Exchange Commission rules.

Lummis and Rep. Mike Flood, (R-Neb.) both pledged to review the guidance to rein in what Flood called the SEC’s “overreach” in a ...