Pantera Analyst: Biden's gestures to please the crypto industry are sincere, and the veto of SAB 121 was out of necessity

ChainCatcher news, according to DL News, Pantera Capital analysts stated that Biden's move to appease the crypto industry is sincere. Although he recently blocked a bill (SAB 121) that was seen as supportive of crypto, his veto is more likely due to his unwillingness to publicly oppose the commissioner he appointed (SEC Chairman Gary Gensler). Even with the veto of the SAB 21 bill, Biden has affirmed a favorable stance towards onshore crypto innovation, indicating a shift in the current administration's tone.

It is noteworthy that Biden did not veto a more significant bill—the FIT21 bill supporting cryptocurrencies, which passed in the House in mid-May and will continue to evolve as it is reviewed by the Senate.