According to Bernstein analysts, the SEC's decision to approve spot Ethereum ETFs may not have been influenced by political pressures, The Block has reported.
In a report published on June 3, analysts at research and brokerage firm Bernstein stated the popular theory that the SEC's change in stance was due to political pressure from Democrats to win votes in the upcoming November elections seems less plausible.
According to analysts Gautam Chhugani and Mahika Sapra, this became clear after President Joe Biden vetoed the SEC's Staff Accounting Bulletin (SAB) No. 121 repeal bill.
Analysts have also mentioned that the SEC was aware of the pressure on them to approve ETH ETFs, as they were in a similar situation to the approval of spot Bitcoin ETFs.
This was due to the fact that both Ethereum and Bitcoin shared the same regulatory structure.