PANews reported on May 21 that Dragonfly partner Haseeb Qureshi stated on the X platform: "The regulatory shift towards an Ethereum ETF indicates that the Biden administration will soften its stance on crypto policies, as they do not want to lose votes over 'minor issues' (referring to crypto regulation) in the election race. In the coming months, the market will see other regulatory bodies also changing their attitudes."

Additionally, Variant Fund's Chief Legal Officer Jake Chervinsky commented on the X platform: "If a spot ETH ETF does get approved, everyone I know who understands the regulatory landscape in Washington would be greatly surprised, but that doesn't mean it won't happen. This suggests that the approval of the ETF could indicate a significant shift in U.S. cryptocurrency regulatory policy following the end of the SAB 121 vote, which might be more important than the ETF itself."

Previously, it was reported that the bill to overturn SAB 121 passed votes in the House of Representatives on May 8 and the Senate on May 17. President Biden is expected to make a final decision on the bill by May 28.