After a period of intense scrutiny of the cryptocurrency industry, many speculated that the Biden administration had reversed its stance by allowing the U.S. Securities and Exchange Commission (SEC) to approve several spot ethereum exchange-traded funds (ETFs). However, President Joe Biden has vetoed the latest resolution intended to quash the SEC’s crypto asset rules in SAB 121. Biden’s veto has generated significant animosity within the crypto community, leading to a widespread belief that Biden has lost the support of the entire crypto industry.



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