Investment bank TD Cowen said U.S. President Trump did not mention cryptocurrency in his congressional speech Tuesday night, an omission that is eye-catching, especially considering that he has spoken about the cryptocurrency industry several times in public and on social media recently. "If cryptocurrency is a personal priority for Trump, it should appear in the speech," Jaret Seiberg, head of the Washington research team at TD Cowen, pointed out in a report Wednesday. He believes that 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 did not mention that cryptocurrencies may have political considerations. Congressional Republicans are working to win Democratic support for stablecoin legislation in the coming months, and Trump's intervention may complicate the effort. Furthermore, Seiberg believes that Trump may not view cryptocurrency as a key issue in his broader political agenda. "Trump talks about cryptocurrency in front of cryptocurrency investors, but we still think it's not his personal priority," Seiberg said. Overall, Seiberg believes Trump's speech "more performative than substantive, even for Trump."