GAO Subjects SEC's Crypto Policies to Congressional Oversight Amidst New Reporting Requirements, Surge in Whistleblower Tips, and 'Defective' Share Buyback Rule

The SEC's crypto policies are facing increased scrutiny. The GAO has ruled that the SEC's crypto accounting policies, SAB 121 and SAB 212, are subject to congressional oversight, potentially breaking the law. This comes amidst the SEC's new reporting requirements under the Corporate Transparency Act and a surge in whistleblower tips. The GAO's decision underscores the need for reform and lawmaker approval before the SEC can proceed with controversial bulletins. In addition, a US court has called on the SEC to fix a 'defective' share buyback rule, further highlighting the regulatory challenges the SEC is facing.