Research has suggested that U.S. K-12 dual-language and Seal of Biliteracy programs do not benefit all students equally in their recognition of students' multilingual competencies. The authors explored the perspectives of high school Seal of Biliteracy graduates: how they conceptualized the seal and the benefits that they had or had not derived from attaining it. Through a framework of critical biliteracies, the authors drew on interview data with Seal of Biliteracy graduates to highlight the dynamics of culture, race, and power inherent to both biliteracy and bilingualism. Attention was given to how biliteracy was defined, curricular framing, and who benefited from having received the seal. Findings revealed that Seal of Biliteracy benefits were often unevenly distributed across Latinx and white participants, yet also demonstrated community building among dual-language graduates and beyond. The authors provide recommendations for engaging a critical biliteracies approach across district, program, and classroom levels.