Trump's social media post 'not enough' to move crypto bill, analyst says
Analysts at investment firm TD Cowen believe that Donald Trump's social media post in support of a crypto bill will not be enough to drive its advancement. In their view, successful passage of the law would require the former U.S. president's personal involvement and active participation.
However, the experts note that in the current conditions of armed conflict between the U.S. and Iran, it is extremely difficult to imagine Trump actively engaging with this issue. Geopolitical tensions will most likely divert his attention away from the topic of cryptocurrencies.
In his Twitter post, Trump expressed hope that the U.S. Congress would pass a 'good' crypto bill. But according to the TD Cowen analysts, this will not be sufficient for the document to actually be approved. They need more active involvement and support from the former president.
Experts point out that the adoption of comprehensive federal cryptocurrency legislation is of great importance for the industry. It could provide greater certainty and stability, which would attract more institutional investors. However, at the moment, the prospects for this bill look uncertain.