House Republicans are proposing a 7% reduction in the Securities and Exchange Commission's (SEC) budget for 2026, aiming to eliminate funding for a Biden-era rule mandating public companies to report cyber incidents. A subcommittee approved a $23.3 billion funding plan, which represents an overall budget cut of nearly 8%, or about $410 million, compared to the previous fiscal year. Chair Dave Joyce stated that this measure is intended to curb excessive spending. This initiative reflects the GOP's efforts to reverse several regulations, including those affecting cryptocurrency, established during Biden's presidency. The SEC would receive just over $2.03 billion, a decrease of $153.9 million from 2025. The budget would impose restrictions on how funds can be utilized, particularly prohibiting the enforcement of new cybersecurity disclosure rules. Critics, including House Appropriations Democrats, argue that this plan undermines protections for everyday Americans and enables corporations to evade accountability. Read more AI-generated news on: https://app.chaingpt.org/news