President Donald Trump's announcement on Sunday that the U.S. will establish a "crypto strategic reserve" holding Bitcoin, Ether, XRP, Solana and Cardano appears uncoordinated and lacks clarity on funding, according to investment bank TD Cowen.
"We caution against overreacting to the social media post. The original version did not even include Bitcoin and Ether as part of the reserve. That suggests to us it was not coordinated," TD Cowen's Washington Research Group, led by Jaret Seiberg, wrote in a note on Monday. "There was also no discussion of how the government would get the funds to buy tokens," the research group added, raising questions about the plan's feasibility.
TD Cowen also downplayed the significance of calling it a "reserve" versus a "stockpile," noting that it remains unclear whether the U.S. government plans to buy tokens or simply retain seized crypto assets.
Trump's crypto reserve announcement fueled an immediate market rally, but it also drew skepticism. Some have questioned the selection of tokens, with Coinbase CEO Brian Armstrong, for instance, suggesting that only Bitcoin should be included in the reserve.
Trump's announcement comes ahead of the White House's first-ever crypto summit, set for Friday and hosted by crypto czar David Sacks. Trump is scheduled to deliver remarks, and major industry figures and investors are expected to attend.
"We believe this summit is important as it will expose how Team Trump intends to advance stable coin and crypto market structure legislation," TD Cowen said. "Our view remains that only a bipartisan solution can provide the crypto sector the legal stability it needs."
Meanwhile, the Senate Banking Committee is preparing to mark up stablecoin legislation next week, with a goal of passing a bill within Trump's first 100 days. While TD Cowen acknowledges the momentum, it remains skeptical about Congress moving this quickly.
"We appreciate the need for speed, but worry that this might be too fast to produce an effective bill," TD Cowen said. "Key for us is what it means for the ability of banks to issue stable coins and if stablecoins need to be interoperable."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
