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ABA: The American Bankers Association
Statement
  • For Immediate Release
  • May 16, 2024

ABA Applauds Congressional Disapproval of SEC’s SAB 121

“We applaud Sen. Lummis and Reps. Nickel and Flood for their leadership in shepherding the Congressional Review Act resolution of disapproval for the SEC’s Staff Accounting Bulletin 121 through both chambers. These votes are a clear bipartisan rebuke of the SEC’s decision to depart from its longstanding accounting treatment for custodied assets in a way that threatens banks’ ability to provide consumers with safe and sound digital asset services. Without bank custodians for digital assets, consumers are left only with unsupervised, poorly regulated options to safeguard these assets. We urge President Biden to move quickly to sign this resolution into law to help protect American consumers.”

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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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