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CryptoMediumUpdated×2•Originally published 4 March 2026•Updated 4 March 2026•

1 min read

TD Cowen Tempers Crypto Optimism as Geopolitical Tensions Overshadow Trump’s Support

Golden Bitcoin coins and wallets in front of the US Capitol building and American flag, with an upward trend graph.

Key Facts

1Donald Trump criticized banking groups for undermining the GENIUS Act crypto bill.

3 months ago

Version History

Version 23 months ago

What changed: TD Cowen analysts tempered market optimism, noting that Trump's social media support is insufficient for legislative progress given the current U.S. focus on the conflict with Iran.

Version 13 months ago

What changed: The update incorporates industry reaction from Ripple CEO Brad Garlinghouse and identifies the 'CLARITY Act' as a key legislative focus of Trump's crypto agenda.

While Ripple CEO Brad Garlinghouse recently aligned with Donald Trump’s support for the CLARITY Act, investment bank TD Cowen has tempered market optimism. The bank stated that Trump’s social media posts are insufficient to drive meaningful progress in crypto legislation. Analysts noted that Trump’s direct involvement in the legislative process is unlikely at present, as the United States remains heavily occupied with the armed conflict with Iran. This geopolitical priority suggests that the 'crypto agenda' may face delays despite high-level political endorsements. Consequently, investors are reassessing the timeline for regulatory clarity, which could impact the price action of major instruments like BTC/USD and XRP/USD. The shift highlights a growing consensus that social media rhetoric may not translate into immediate policy changes during times of international crisis.