The Seal of Biliteracy is as an initiative to incentivize and credentialize bi-/multilingualism in K-12 education in the United States. While it has been widely celebrated as a positive development in U.S. educational language policy, it is important to consider to what extent marginalized students benefit from this initiative. This critical policy analysis explores possible inequities in the way that the Seal has been promoted, enacted in policy, and implemented in schools, focused primarily on California. Three findings are reported. First, advocates and policy makers have constructed the purpose of the Seal as primarily aimed at promoting foreign or world language education, raising questions about the degree to which the recognition of language-minoritized students' linguistic repertoires is a focus. Second, the policy requirements for demonstrating biliteracy advantage students, especially native English-speaking students, who are studying a foreign or world language as part of their school's curriculum. Third, schools with high percentages of students of color and students from low-income families are less likely to participate in the program, suggesting that students privileged along lines of race and class have greater access to the program. This article concludes by suggesting improvements in policy and directions for future research that might contribute to addressing these inequities.