Pantera analyst: Biden has turned to curry favor with the crypto space

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 reluctance to publicly oppose his appointed commissioner (SEC Chairman Gary Gensler). Even if he vetoed the SAB 21 bill, Biden has affirmed a favorable stance towards onshore crypto innovation, indicating a shift in the current government's tone. It is worth noting that Biden did not veto a more important bill - the FIT21 bill that supports cryptocurrency. The bill was passed in the House of Representatives in mid-May and will continue to develop as it undergoes Senate deliberation.