Last week, the Government Accountability Office (GAO) issued a report revealing the results of its analysis of a crypto-related SEC Staff Accounting Bulletin (SAB) against the requirements of the Congressional Review Act (CRA). The GAO determined that the SAB was a rule that the SEC should have submitted to Congress under the CRA, which provides procedures for congressional review and disapproval. The GAO’s reasoning supports a conclusion that other SEC staff bulletins, including Staff Legal Bulletins such as those relating to Rule 14a-8, would be subject to the CRA going forward.
This post first appeared in the weekly Society Alert!