TD Cowen: Trump's failure to mention cryptocurrencies in congressional speech suggests crypto is not his priority

Investment bank TD Cowen said President Donald Trump's failure to mention cryptocurrencies in his speech to Congress on Tuesday night was a striking omission, especially given his recent history of talking about the cryptocurrency industry several times, both in public and on social media, Gold Finance reports. Jaret Seiberg, head of TD Cowen's Washington research team, noted in a report on Wednesday that ‘if cryptocurrency is a personal priority for Trump, it should have been in the speech.’ He argued that the omission was more substantive than Trump's silence on other topics, such as housing and banking, because Trump does have a cryptocurrency strategy. Seiberg noted that Trump's failure to mention cryptocurrencies may have political considerations. Congressional Republicans are trying to garner Democratic support for stablecoin legislation in the coming months, and Trump's involvement could complicate that effort. In addition, Seiberg believes that Trump may not see cryptocurrencies as a key issue in his broader political agenda. Seiberg said, ‘Trump will talk about cryptocurrencies when he's in front of cryptocurrency investors, but we still don't think it's a personal priority for him.’ Overall, Seiberg found Trump's speech ‘more performative than substantive, even for Trump.’