SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the Senate’s passage of the Congressional Review Act resolution of disapproval overturning the SEC’s Staff Accounting Bulletin (SAB) 121:
“SIFMA commends Senator Lummis (R-WY), Congressman Flood (R-NE), and Congressman Nickel (D-NC) for their introduction of, and continued support for, a Congressional Review Act resolution of disapproval overturning the SEC’s Staff Accounting Bulletin (SAB) 121, which passed both Chambers of Congress and will be sent to the President. The significant bipartisan vote in both Chambers of Congress shows a stark contrast between Congress and the SEC. SAB 121 would fundamentally change the way financial institutions are expected to account for the custody of digital assets, and the SEC issued the SAB without stakeholder engagement or consultation with the prudential regulators. This CRA would benefit investors, financial markets, and the broader public by restoring the ability of well-regulated financial institutions to provide digital asset custodial services. We urge President Biden to promptly sign this resolution into law.”
