Washington, DC, May 17, 2024 – 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.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).