GBTC - Ethereum ETF Approval Political Narrative Looks 'Less Credible': Bernstein | Benzinga
The idea that a political shift led to the SEC’s approval of spot Ethereum ETFs last month has been called into question after President Joe Biden vetoed a bill aimed at overturning SAB 121.
What Happened: According to research from brokerage firm Bernstein, this recent veto undermines the notion of a political change influencing the SEC’s decision, The Block reported.
In May, both the House and Senate voted to repeal the SEC's staff accounting bulletin, SAB 121.
This bulletin set accounting standards for crypto custodians, making it impractical for Wall Street banks to hold crypto assets for clients.
President Biden's veto of this repeal indicates a continued stance on strict crypto regulation, with Biden stating, “My Administration will not support ...