It seems that this would be more of a neutral act. If there are more cryptos (including government backed cryptos), that will create more competition in the markets and may tank most altcoins. With governments solidifying the difference between their currencies and crypto 'commodities' that will have an effect on the market, too.

I don't see this as positive or negative for cryptocurrencies as a whole. So long as Trump recognizes Bitcoin and Dogecoin, that will be enough to protect their value (or accelerate it).