According to Odaily Planet Daily, Pantera Capital analysts said that although US President Biden recently blocked a bill (SAB 121) that was seen as supporting encryption, his veto was more likely due to his reluctance to publicly oppose Gary Gensler, the chairman of the US SEC he appointed. Even if he vetoed the SAB 21 bill, Biden affirmed his favorable stance on onshore encryption innovation, indicating a shift in the tone of the current US government.