John E. Deaton, a crypto lawyer and advocate, has suggested issuing subpoenas to financial companies such as FTX, SBF, and IEX, regarding their correspondence and meetings with the SEC and Gary Gensler.
This was in response to Congressman Bill Huizenga saying the Financial Committee Oversight Subcommittee would hold Gary Gensler accountable and are just beginning to understand his flawed rulemaking process.
The Securities and Exchange Commission (SEC) is reportedly reconsidering its proposed rules on the disclosure of climate-related costs by companies. The final version of the SEC rules, expected later this year, will still mandate some climate disclosures. However, the commission is considering making the requirements less onerous than originally proposed.
Investors, companies, and lawmakers have pushed back against the initial proposal, which required public companies to include a large amount of climate data in their audited financial statements. The proposed reporting rules would have covered everything from the costs caused by wildfires to the loss of a sales contract due to climate regulations.
Under current rules, companies are only required to disclose climate costs and risks that they judge to be material or significant for investors. However, SEC officials are concerned that not enough companies are reporting these important climate costs and risks.
In addition to the financial reporting rules, SEC Chair Gary Gensler’s climate proposals would require publicly traded companies to disclose their greenhouse-gas emissions, energy consumption, and in some cases, the emissions of suppliers and customers.
Carbon Tracker, a climate research group, analyzed over 130 international corporations last year and concluded that few of them showed any signs of considering the effects of climate change on their financial accounts.
