TD Cowen: "Trump, Crypto Assets Outside Priority"

JH Kim

Summary

TD Cowen assessed that Trump's failure to mention crypto assets in his congressional address suggests they are outside his priorities.
They analyzed that due to Trump's need for compromise, he needs to gain Democratic support to pass the stablecoin bill.
They added that the biggest reason is that Trump does not consider crypto assets as a core agenda item.

US investment bank TD Cowen assessed in an investment memo that "Donald Trump's failure to mention crypto assets (cryptocurrency) in his congressional address on the 5th suggests that this is outside his priorities."

According to The Block, a crypto asset specialized media outlet, on the 5th (local time), TD Cowen said, "If Trump considered crypto assets important, he would have certainly mentioned them in this congressional address," adding, "Especially since he announced a strategic stockpile plan for crypto assets through his social media right before the congressional address."

They continued, "From a political perspective, he may have considered that mentioning crypto assets in Congress could provoke antipathy from Democrats," analyzing that "this is because Republicans currently need Democratic support to pass the stablecoin bill."

Furthermore, they added, "Of course, rather than these political reasons, the bigger reason is likely that Trump does not view crypto assets as a core agenda item."