On June 19, Pantera Capital analysts said that Biden's move to curry favor with the crypto industry was sincere. Although he recently blocked a bill that was seen as pro-crypto (SAB 121), his veto was more likely due to his reluctance to publicly oppose his appointed commissioner (SEC Chairperson Gary Gensler). Even if he vetoed the SAB 21 bill, Biden also affirmed a favorable stance on onshore crypto innovation, indicating a shift in the tone of the current administration. It is worth noting that Biden did not veto a more important bill - the FIT21 bill supporting cryptocurrencies, which passed the House in mid-May and will continue to develop as the Senate deliberates.