The Chamber of Digital Commerce is pleased to see that H. Res 109, a Joint Resolution to Disapprove of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121 has successfully passed markup and is now progressing to the House floor.

This bipartisan initiative, led by Congressmen Mike Flood (R-NE) and Wiley Nickel (D-NC), nullifies SAB 121’s harm to consumer protection and represents a decisive action to ensure the SEC operates within its designated rulemaking authority. 

The Chamber has been focused on highlighting the issues presented by SAB 121 to Congress, advocating for a balanced and informed approach to digital asset regulation. We are optimistic about the resolution’s ultimate passage on the House floor and remain committed to facilitating a regulatory environment that supports innovation while protecting consumers.

Read our blog on the introduction of the Joint Resolution

Read our letter to the SEC’s Office of Chief Accountant on SAB 121 implementation