PANews reported on May 21 that Dragonfly partner Haseeb Qureshi said on the X platform: "The change in regulatory attitude towards Ethereum ETFs indicates that the Biden administration will soften its crypto policy because they do not want to lose votes over "small things" (referring to crypto regulatory issues) in the election competition. In the coming months, the market will see other regulators change their attitudes as well."

In addition, Variant Fund Chief Legal Officer Jake Chervinsky said on the X platform: "If the spot ETH ETF is really approved, everyone I know who understands the regulatory situation in Washington will be shocked, but this does not mean that it will not happen. This means that the approval of the ETF may indicate that the US cryptocurrency regulatory policy has undergone a major shift after the SAB 121 vote, which may be more important than the ETF itself."

According to previous news, the bill to overturn SAB 121 was passed by the House of Representatives and the Senate on May 8 and May 17 of this month respectively. Biden will make a final decision on the bill before May 28.