US President Donald Trump’s failure to mention cryptocurrencies in his speech to Congress is a notable omission given his recent statements about the sector. According to investment bank TD Cowen, the absence suggests that cryptocurrencies are not a major focus for Trump.
TD Cowen’s Washington Research Group, led by Jaret Seiberg, noted in a note published today that this exclusion is significant. “If it was a personal priority, then it would have been in the conversation,” Seiberg wrote, emphasizing that Trump’s decision to leave out crypto was more than just an oversight.
The omission is particularly notable given that Trump has been referring to cryptocurrencies in speeches and social media posts in the days leading up to his speech. Seiberg sees this silence as “more significant” than the lack of discussion on other issues like housing and banking, given that Trump has a known stance on crypto policy.
Seiberg pointed to potential political motivations behind Trump’s decision, noting that Republicans in Congress are currently trying to secure Democratic support for stablecoin legislation. Any direct involvement by Trump could complicate those negotiations, making it strategically beneficial for him to remain silent on the issue.
Another explanation, however, is that Trump does not see crypto as a pressing issue within his broader political agenda. “When Trump appears before crypto investors, he mentions crypto. Yet we continue to believe that this is not a personal priority,” Seiberg said.
Overall, Seiberg described Trump's speech as “long on showmanship and short on substance, even for a Donald Trump speech.”
*This is not investment advice.
