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ABA: The American Bankers Association
Statement
  • For Immediate Release
  • January 24, 2025

ABA Applauds SEC Rescission of SAB 121

“We applaud the SEC’s decision to rescind its Staff Accounting Bulletin 121, which made it harder for banks to provide consumers with safe and sound digital asset services. Since the bulletin was issued in 2022, ABA has advocated extensively with the SEC, prudential regulators and members of Congress to eliminate this misguided policy. Allowing banks to serve as custodians for digital assets ensures that consumers won’t be left only with unsupervised, poorly regulated options to safeguard these assets going forward.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

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