According to reports, Kevin Hassett, a crypto-friendly economic advisor at the White House, has become a leading candidate to succeed Jerome Powell as the next chairman of the Federal Reserve, whose term will end in May.
Bloomberg cited informed sources on Tuesday, stating that advisors and supporters of President Trump view Hassett as the top choice for the Federal Reserve chairmanship, as he aligns with Trump's desire for interest rate cuts.
Hassett is the director of the National Economic Council and is responsible for overseeing the White House Digital Assets Working Group, which was created by Trump in January. The group released a report in July outlining policy considerations regarding cryptocurrencies.
Hassett is one of several candidates for the Federal Reserve chair who are reportedly crypto-friendly and support Trump's wish for the central bank to lower interest rates to boost the market. Powell's term as chairman will end in May, but his term on the Federal Reserve Board will continue until January 2028.
When asked on Fox News on Tuesday if he would be willing to serve as Federal Reserve chairman, Hassett said, "I would certainly say yes, because I want to serve my country and I want to serve my president."
"President Trump and I have had a lot of discussions about this," he added.
Reports indicate that Hassett disclosed in June that he holds at least $1 million worth of Coinbase (COIN) stock.
He also revealed that he received $50,001 from Coinbase for his role on the "Academic and Regulatory Advisory Committee" established in 2023, which also includes Manhattan U.S. Attorney Jay Clayton.
Hassett previously served on the advisory board of the crypto fund management company One River Digital Asset Management and was the chairman of the White House Council of Economic Advisers from 2017 to 2019 during Trump's first term.
Reports also suggest that Trump is considering Federal Reserve Governor Chris Waller, who advocated for decentralized finance to banking professionals in August.
Another potential candidate to succeed Powell is Vice Chair Michelle Bowman, who oversees regulation. She has stated that Federal Reserve employees should be allowed to invest in a small amount of crypto assets to develop a "working-level understanding" of their underlying functions.
Regardless of whom Trump chooses, he will exert pressure for interest rate cuts. The Federal Reserve has already cut rates twice this year, totaling 50 basis points.
The market has turned bullish, betting that the Federal Reserve will implement a "Christmas rate cut" at its December meeting. The CME FedWatch tool places the probability of a 25 basis point rate cut at about 85%.
Related: Bitfinex: Bitcoin (BTC) has once again closed lower this month, but demand may rebound soon.
Original article: “Crypto-friendly Trump advisor Kevin Hassett top Fed chair pick: report”
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