According to PANews, Dragonfly partner Haseeb Qureshi said on the X platform that the change in regulatory attitude towards the Ethereum ETF indicates that the Biden administration will soften its crypto policy because they do not want to lose votes in the election competition due to "small things" (referring to crypto regulatory issues). He predicts that the market will see other regulators change their attitudes in the coming months.
On the other hand, Jake Chervinsky, chief legal officer of Variant Fund, said on the X platform that if the spot ETH ETF is really approved, everyone he knows who understands the regulatory situation in Washington will be shocked, but this does not mean it will not happen. He believes 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.