The Trump administration is considering at least 11 candidates to potentially succeed Federal Reserve Chairman Jerome Powell when his term ends in May, among whom at least three have publicly expressed positive views on cryptocurrencies.
Treasury Secretary Scott Bessent stated in an interview with Fox News on Wednesday that he will begin screening 11 "very strong candidates" next month and compile a shortlist for the Fed chair position.
According to a CNBC report on August 13, the candidate list includes Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, Fed Vice Chairman Philip Jefferson, Fed Governor Chris Waller, Fed Governor Michelle Bowman, who is responsible for regulatory affairs, and former Fed Governor Larry Lindsey.
There are 11 strong Fed chair candidates. After Labor Day, we’ll start interviews and present a shortlist to President Trump. @POTUS has a sophisticated view of monetary policy, great respect for the Fed, and wants a leader who can restore its mission and credibility. pic.twitter.com/iAW6sG8FVU
The list also includes former Bush administration economic advisor Marc Sumerlin, Jefferies Chief Market Strategist David Zervos, and BlackRock Global Fixed Income Chief Investment Officer Rick Rieder.
The Federal Reserve determines U.S. interest rates, which directly impact market investments. Lower interest rates enhance liquidity, typically driving investors to allocate to high-volatility, risk assets like cryptocurrencies, while interest rate hikes often prompt investors to reduce their risk asset allocations.
Zervos, who is responsible for strategy at Jefferies, has been involved with several cryptocurrency-related companies.
The firm has supported the listings of trading platform eToro, stablecoin issuer Circle Internet Group, cryptocurrency exchange Bullish, and cryptocurrency-based lending platform Figure Technology Solutions.
Jefferies was also involved early on in Strategy's plan to purchase Bitcoin (BTC). It is reported that the firm has had senior bankers dedicated to cryptocurrency business for the past five years.
Meanwhile, BlackRock's Rieder has expressed a positive view on cryptocurrencies.
In an interview with The Wall Street Journal in early 2024, he stated that Bitcoin is likely to "become an important part of the asset allocation framework" and noted that "over time, people will increasingly accept it."
Rieder also mentioned in a CNBC interview in November 2020 that cryptocurrencies and Bitcoin "will exist in the long term," pointing out that "especially millennials' acceptance of technology and cryptocurrencies is real."
BlackRock has the largest Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in the market.
Other candidates include Waller and Bowman from the Fed, both of whom have recently signaled friendly attitudes toward cryptocurrencies.
Fed Chief Regulator Bowman stated on August 20 that central bank employees should be allowed to invest a small amount in cryptocurrencies to better understand the related technology, adding that this helps to "actually understand the underlying functions."
Fed Governor Waller remarked the next day that the banking industry "need not worry" about cryptocurrencies operating outside the traditional system, as this is "just a new technology for transferring assets and recording transactions."
In contrast, Powell has rarely spoken publicly about cryptocurrencies and generally maintains a cautious stance. He noted in June that cryptocurrencies have gradually become mainstream and expects banks to increase cooperation with the sector.
Last December, he stated that Bitcoin is more of a competitor to gold than to the U.S. dollar.
Powell's term as Fed Chairman will end in May, but his 14-year term on the Fed Board will expire in early 2028. His highly anticipated speech on Friday raised market expectations for interest rate cuts, with financial markets anticipating that the Fed will cut rates again when it meets in mid-September.
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Original article: “Trump's Fed Chair Candidate List Reaches 11, 3 May Hold Friendly Views on Cryptocurrencies”
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