Investment bank TD Cowen said that U.S. President Donald Trump did not mention cryptocurrencies in his speech to Congress on Tuesday night, a striking omission, especially considering his recent public and social media discussions about the cryptocurrency industry. "If cryptocurrency is Trump's personal priority, it should be in the speech," Jaret Seiberg, head of TD Cowen's Washington research team, noted in a report on Wednesday. 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 pointed out that Trump did not mention that cryptocurrencies may have political considerations. Trump's intervention could complicate efforts by congressional Republicans to win Democratic support for stablecoin legislation in the coming months. In addition, Seiberg believes that Trump may not see cryptocurrencies as a key issue in his broader political agenda. "Trump talks about cryptocurrency in front of cryptocurrency investors, but we still don't think it's a personal priority for him," said Seiberg. Overall, Seiberg saw Trump's speech as "more performative than substantive, even for Trump".