House Republicans Propose SEC Budget Cuts Impacting Cyberattack Disclosure Rule Affecting Coinbase
Main Idea
House Republicans propose a 7% budget cut for the SEC, targeting enforcement of cyberattack disclosure rules, amid opposition from Democrats and industry stakeholders.
Key Points
1. The House GOP proposes a 7% budget cut for the SEC, reducing its funding to $2.03 billion for fiscal year 2026.
2. The budget reduction includes cuts to enforcement of a 2023 rule mandating public companies disclose cybersecurity threats.
3. Banking and crypto industry groups criticize the cybersecurity disclosure rule, arguing it could aid ransomware attacks.
4. Democrats oppose the budget cuts, warning they could weaken corporate accountability and market oversight.
5. The proposal also restricts the SEC from collecting certain funds, potentially impacting its regulatory capacity.
Description
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