According to Odaily, an analyst from Pantera Capital has suggested that despite President Biden's recent veto of a bill seen as supportive of cryptocurrency (SAB 121), the veto is more likely due to his reluctance to publicly oppose his appointed SEC Chairman, Gary Gensler. Even with the veto of SAB 21, Biden has affirmed a favorable stance towards onshore crypto innovation, indicating a shift in the tone of the current US government.
The analyst's interpretation of Biden's actions suggests a nuanced understanding of the political dynamics at play. The veto of the bill does not necessarily indicate a negative stance towards cryptocurrency, but rather a complex interplay of political considerations. The affirmation of a favorable stance towards onshore crypto innovation is seen as a positive sign for the industry, indicating a potential shift in the US government's approach to regulating this emerging market.
This development comes amidst a broader global conversation about the role of digital currencies and blockchain technology in the financial system. The actions of the US government, as one of the world's leading economies, are closely watched by industry observers and can have significant implications for the global crypto market.