Washington, DC – January 23, 2025

The Digital Chamber (TDC) celebrates the Securities and Exchange Commission’s (SEC) decision, under the leadership of Acting Chair Uyeda, to rescind Staff Accounting Bulletin (SAB) 121. This marks a critical victory for the digital asset industry and institutional custody solutions, and we are proud of the pivotal role we played in achieving this outcome.

In 2024, TDC led legislative efforts to nullify SAB 121, championing H.R. Res. 109 – the first piece of digital asset legislation to pass both the U.S. House of Representatives and the Senate. While the resolution was ultimately vetoed by President Biden last year, the overwhelming bipartisan support underscored the urgency and importance of creating a balanced and partial regulatory environment for digital assets. Today’s announcement is a testament to the momentum and the progress achievable through industry collaboration and advocacy.

The repeal of SAB 121 was a cornerstone of TDC’s 2025 SEC Digital Asset Policy Priorities, and we are encouraged to see progress being made so early in the year. This action marks a significant step forward in removing barriers to digital asset adoption, while providing much-needed clarity and opportunity for institutional investors to confidently engage in the digital asset space.

We commend Acting Chair Uyeda, Commissioner Hester Peirce, and the newly created SEC Crypto Task Force for their commitment to driving responsible digital asset innovation. TDC looks forward to continuing our collaboration with these leaders to ensure that the United States remains at the forefront of digital asset policy and innovation.

For more details, visit the SEC’s announcement here.