TD Cowen: Trump’s crypto reserve plan lacks clarity, market overreacting

U.S. investment bank TD Cowen cautioned in a March 3 investment memo against overreacting to Donald Trump’s announcement of a U.S. “crypto strategic reserve,” calling it uncoordinated and lacking a clear funding plan, according to The Block. The investment bank noted that Trump’s initial post did not include Bitcoin (BTC) or Ethereum (ETH), suggesting a lack of coordination. It also questioned whether the government intends to buy tokens or simply hold seized crypto assets. The announcement comes ahead of the White House’s first crypto summit on March 7, where Trump is set to speak. TD Cowen emphasized that bipartisan legislation remains the key to providing regulatory stability for the crypto industry.