The narrative of a political shift being behind the Securities and Exchange Commission’s surprise approval of spot Ethereum exchange-traded funds last month is less credible after U.S. President Joe Biden vetoed a bill overturning SAB 121, according to research and brokerage firm Bernstein.

In May, the full House and Senate voted to repeal the SEC's staff accounting bulletin, also called SAB 121. The controversial bulletin establishes accounting standards for crypto custodians, making it unviable for Wall Street banks to custody crypto assets on behalf of clients.

Former President Donald Trump also recently hosted an event for people who bought his Trump “Mugshot” NFTs, going on record supporting crypto, accepting it for campaign donations and labeling Democrats and the Biden …