Investment Bank TD Cowen: Trump Executive Order Symbolically Significant, Crypto Regulation Still Needs Time

BlockBeats News, January 24th, according to TheBlock, the Washington research team of investment bank TD Cowen stated that although the Trump administration has expressed support for the cryptocurrency industry through executive orders, this is only a "simple part," and meaningful regulatory clarity is far from being immediately established. On Thursday, President Trump signed an executive order to establish a Digital Asset Market Working Group to identify and remove barriers to crypto innovation.

Jaret Seiberg, head of TD Cowen's research team, pointed out, "Every president will set up committees and working groups for important issues, symbolically demonstrating the Trump team's level of concern for cryptocurrency, but this is different from rule changes. Establishing the regulatory rules needed for the industry will take 'years rather than weeks' to complete. Building a reserve of Bitcoin is not a top priority for the Trump administration. We think this is unlikely to happen, as it may conflict with Donald Trump's core belief that the dollar should be the global reserve currency because the U.S. is the most powerful country."