TD Cowen: Trump did not mention cryptocurrencies in his speech to Congress, indicating that cryptocurrencies are not a priority for him

Investment bank TD Cowen said that U.S. President Trump did not mention cryptocurrency in his speech to Congress on Tuesday night, an omission that was notable, especially considering that he has recently talked about the cryptocurrency industry many times in public and on social media. "If cryptocurrency was a personal priority for Trump, it should have appeared in the speech," Jaret Seiberg, head of TD Cowen's Washington research team, said in a report on Wednesday. He believes that this omission is more substantive than Trump's silence on other topics such as housing and banks, because Trump does have a cryptocurrency strategy. Seiberg pointed out that Trump's failure to mention cryptocurrency may have political considerations. Congressional Republicans are working to win Democratic support for stablecoin legislation in the coming months, and Trump's involvement may complicate this effort. In addition, Seiberg believes that Trump may not see cryptocurrency as a key issue in his broader political agenda. "Trump will talk about cryptocurrency in front of cryptocurrency investors, but we still believe that it is not a personal priority for him," Seiberg said. Overall, Seiberg believes that Trump's speech was "more performative than substantive, even for Trump."