The US House Republicans seek to cut off the 2026 Securities and Exchange Commission budget by 7%, while axing funds for the implementation of a Biden-era ruled that requires public companies to reveal cyber incidents.
A subcomm home committee voted to advance a $ 23.3 billion fund Plan On Monday, the proposed fiscal budget of 2026 was placed for many agencies including SEC and Treasury.
The plan will see the general budget cut by almost 8%, or around $ 410 million, compared to the fiscal person ending on September 30. The subkomite seat, Dave Joyce, claimed The proposal will help “re -waste spending.”
Moving is read as the latest GOP bid to prevent many of the policies – including Those affecting crypto Made by the SEC under the management of former President Joe Biden.
The Subcomm Committee of Financial Services Vote Down party lines on Monday to report the committee plan of the entire House Appropriations.
SEC Budget Cut 7% on spending restrictions under GOP plan
The plan will only give the SEC only more than $ 2.03 billion for 2026, a 7% cut – or $ 153.9 million less – than its budget in the fiscal 2025.
It is also slap in a set of restrictions that prohibit what funds can spend, one of which is prohibiting the money used to implement the rules adopted in mid -2023 that require companies Reveal incidents of cybersecurity under a strict time limit.
Under the rule, a public company and foreign private providers should reveal a cyberattack within four days, unless it can be considered a possible national security or risk of public safety. They should also disclose their cyber risk management techniques.
The suggested budget is less than what the SEC Question For the past month, the agency requested $ 2.149 billion to support 4,101 full-time staff.
Banking groups encouraged Sec to kill the rule
In May, a group of banking advocacy groups asked the SEC to Turn off cyber disclosure rule.
The rule affects Coinbase, which disclosed in May That some of its customer support contractors will bribe to lift the data of its users, who saw the Crypto Exchange hit with a fuzzy of the suits.
Related: SEC has researched Ethereum token standard for the following security
Coinbase said it denied a $ 20 million ransom demand among the leaks, which estimated that it could cost up to $ 400 million in injuries.
Democrats are driving the Republican funding plan
The Republican -led budget plan will also restrict the SEC from using funds to collect personal recognizable information through a prolonged system to monitor equity activity and trading options.
Among other provisions, funds will also be prevented from being used to make new policies governing private security offerings.
Homes dedication democrats Says In X that the plan is a “blow to the day -to -day Americans” which allows corporations to “skirt the law and to make it even more wealthy.”
The member of the Rank of the Committee Rosa Delauro Says The plan will allow “greedy corporations to cheat on their taxes, poison buyers, (and) continue to destroy the daily Americans with their hard work.”
Magazine: SEC U-Turn to Crypto leaves key questions that are not answered
