As the highest decision-maker of U.S. monetary policy, the attitude of the Federal Reserve Chair directly determines the cost of capital and liquidity in the market.

Written by: Bruce

With the Trump administration preparing a new team, the nomination of the Federal Reserve Chair has entered its final stage. The current frontrunner, Kevin Hassett, is not only a key economic figure for Trump but also a "proponent" with deep ties to the Crypto industry.

Direct Impact of Monetary Policy: Liquidity and Asset Prices

As the highest decision-maker of U.S. monetary policy, the attitude of the Federal Reserve Chair directly determines the cost of capital and liquidity in the market.

• Hassett's inclination: The market generally expects that if he takes office, he will promote a more aggressive interest rate cut policy.

• Positive for Crypto: A loose monetary environment (low interest rates) typically benefits the price increase of risk assets like $BTC. In fact, after the news of him becoming a popular candidate broke, U.S. Treasury yields fell, reflecting the market's expectations for improved liquidity.

Substantive Ownership of Stablecoin Regulation

According to the "GENIUS Act" promoted in 2025, the Federal Reserve will play a core role in the regulatory framework for stablecoins.

• Core supervisory body: The Federal Reserve will directly regulate stablecoin issuers, establishing the interaction rules between "on-chain dollars" and the traditional financial system.

• Connection to the Treasury market: As the scale of stablecoins expands, their role as major buyers of U.S. Treasuries will become closer. The Federal Reserve's attitude will determine whether stablecoins can expand smoothly, thereby affecting whether hundreds of billions of dollars can flow smoothly into the crypto market.

"Gatekeepers" of Traditional Finance and the Crypto World

The Federal Reserve determines the degree to which the banking system is open to the Crypto industry.

• Compliance channels: Whether banks and non-bank financial institutions can compliantly provide services to Crypto companies and participate in stablecoin business entirely depends on the green light from the Federal Reserve and related regulatory agencies.

• Industry integration: The attitude of the next chair will determine whether the Crypto industry continues to maintain an "independent ecosystem" or can fundamentally integrate into the mainstream financial system, gaining broader institutional adoption.

Who is Kevin Hassett?

As the candidate with the highest odds (with a probability exceeding 50% on @Polymarket), Hassett's connection to the Crypto industry is remarkable:

• Insider background: He not only holds @coinbase stock valued at millions of dollars but also served as a member of Coinbase's Academic and Regulatory Advisory Council.

• Policy advocacy: He has participated in the White House Digital Assets Working Group, advocating for leaving space for innovation in regulation and believing that Crypto technology is an important variable in the future economic structure.

Unlike the SEC Chair, who primarily influences the industry through enforcement actions, the Federal Reserve Chair fundamentally shapes the survival environment of the Crypto industry through the "tap" of capital (interest rates) and the "gate" of the banking system (access regulation).

If a candidate like Hassett, who is knowledgeable and holds a friendly stance, takes office, it may pave the way for Crypto to transition from "marginal assets" to "mainstream finance."

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