SAB 121 House Joint Resolution
For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121". This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.
Feb 1, 2024
https://www.congress.gov/bill/118th-congress/house-joint-resolution/109Very pro-crypto
Analysis
This House Joint Resolution aims to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121).
SEC’s Staff Accounting Bulletin 121 (SAB 121) is another example of regulatory overreach from the SEC when it comes to digital assets.
- Staff guidance is issued outside of the traditional notice-and-comment rulemaking structure that allows voters and businesses a voice to show their support or opposition for proposed rules and proposed amendments.
- Effectively, a new rule about treatment of digital assets was issued without public notice and comment and with none of the five Senate-confirmed SEC commissioners voting on the rule.
SAB 121 disincentivizes banks from offering digital asset custody at scale and limits banks’ ability to develop safe, innovative use cases for blockchain technology.
- Leading bank and financial institutions including the American Bankers Association, Bank Policy Institute, Financial Services Forum, and the Securities Industry and Financial Markets Association oppose the rule and agency’s departure from long standing custody rules.
- SAB 121 limits banks’ ability to offer safe, well-regulated digital asset custody service for consumers.
See how politicians voted
Sponsors

Mike Flood (R)
Congressperson
Co-Sponsors

Darren Soto (D)
Congressperson

French Hill (R)
Congressperson

Tom Emmer Jr. (R)
Congressperson

Wiley Nickel (D)
Congressperson
Voted for

Ben Luján (D)
Senator

Bill Cassidy (R)
Senator

Bill Hagerty (R)
Senator

Chuck Schumer (D)
Senator

Chuck Grassley (R)
Senator

Cindy Hyde-Smith (R)
Senator

Cory Booker (D)
Senator

Cynthia Lummis (R)
Senator

Dan Sullivan (R)
Senator

Deb Fischer (R)
Senator
ES
Eric Schmitt (R)
Senator

Gary Peters (D)
Senator

Jacky Rosen (D)
Senator

Jim Risch (R)
Senator
Voted against

Alex Padilla (D)
Senator

Amy Klobuchar (D)
Senator

Angus King Jr. (I)
Senator

Ben Cardin (D)
Senator

Bernie Sanders (I)
Senator

Brian Schatz (D)
Senator

Catherine Cortez Masto (D)
Senator

Chris Van Hollen (D)
Senator

Chris Coons (D)
Senator

Chris Murphy (D)
Senator

Debbie Stabenow (D)
Senator

Ed Markey (D)
Senator

Elizabeth Warren (D)
Senator

Jeanne Shaheen (D)
Senator