PANews reported on June 5 that according to Cryptoslate, the upcoming House appropriations budget may prevent the US SEC from implementing its controversial Staff Accounting Bulletin 121 (SAB 121).

FOX Business reporter Eleanor Terrett said the bill would prohibit the SEC from using appropriations to implement the rule. Appropriations allow institutions to incur debt and pay money from the U.S. Treasury for a given purpose. A policy rider in the budget states that the U.S. SEC is prohibited from implementing or enforcing Accounting Bulletin No. 121, which implements harmful digital asset requirements. It is unclear whether the budget will be passed in its current form. The House of Representatives, which currently has a Republican majority, is likely to pass the appropriations bill at a hearing on June 5. However, the Senate, which has a Democratic and Independent majority, will need to negotiate its own appropriations bill with the House bill.

Terrett said Democratic support for an earlier resolution with the same goal, H.J. Res. 109, means the Senate is likely to keep the rider in the budget. The bill seeks to provide the SEC with a total of $2 billion by 2025, rather than the $2.59 billion requested by SEC Chairman Gary Gensler.