According to online reports, investment bank TD Cowen said that U.S. President Trump did not mention cryptocurrency in his congressional speech on Tuesday night, an omission that was eye-catching, especially considering his recent many conversations about the cryptocurrency industry in public and on social media. "If cryptocurrency is Trump's personal priority, then it should appear in the speech," Jaret Seiberg, head of TD Cowen's Washington research team, pointed out in a report on Wednesday. He believes the omission is more substantial than Trump's silence on other topics such as housing and banking, because Trump does have a cryptocurrency strategy. Seiberg pointed out that Trump's failure to mention cryptocurrencies may have political considerations. Congressional Republicans are trying to win Democratic support for stablecoin legislation in the coming months, and Trump's intervention could complicate that effort. In addition, Seiberg believes that Trump may not see cryptocurrency as a key issue on his broader political agenda. "Trump talks about cryptocurrencies in front of cryptocurrency investors, but we still don't think it's his personal priority," Seiberg said. Overall, Seiberg believed Trump's speech was "more theatrical than substantive, even for Trump."