https://www.nytimes.com/2022/03/21/business/sec-climate-disc…
SEC Gensler maybe the most important SEC head since Kennedy. I am including what he will affect regarding cryptos as well.
NYT Snippet:
The S.E.C. moves closer to enacting a sweeping climate disclosure rule
The commission gave initial approval to a much-anticipated rule that would require public companies to report the climate-related impact of their businesses.
After two years of back and forth…
After two years of drafting and delays, the U.S. Securities and Exchange Commission has scheduled a vote on the Climate-Related Disclosure Standards for March 6. The proposed rule required publicly traded companies to disclose their greenhouse gas emissions and other environmental concerns as part of their annual filings with the SEC…
While the final rule is not yet public, the draft rule adopts three levels of reporting of greenhouse gas emissions. Generally, Scope 1 focuses on the direct GHG emissions of the company and Scope 2 reports GHG emissions of the energy providers used by the company. Scope 3 focuses on GHG emissions along the supply chain.
… it is believed that the SEC has completely dropped Scope 3 reporting and made Scope 1 and Scope 2 voluntary, based on materiality . Materiality is based on the company’s decision as to whether something is relevant to the investors.
SEC Approves Weakened Climate Disclosure Rule
https://www.msn.com/en-us/money/other/sec-expected-to-approve-weakened-climate-disclosures-rule/ar-BB1jqR8M
The 3-2 vote in favor of the rule comes after a two-year process involving intense lobbying from some of the world’s biggest industries and influential climate groups…
In a backtrack from the SEC’s original proposal, the amended rule doesn’t require companies to report certain indirect emissions, including from their supply chains and customers’ use of their products…
DB2
Another camel nose under the tent.